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The Australian market is off to a better start with the ASX 200 index up 0.7 per cent, is back above 6000pts and is ending a five-day losing streak. Gains from the big banks and ResMed (RMD) are the biggest contributors to the gains. This follows US shares hitting record highs thanks to the US Senate voting to end a partial government shutdown and the IMF boosting its forecasts for global growth.
Locally however, there has been no positive momentum in the Aussie market with shares hitting six-week lows on Monday.
ResMed (RMD) – which makes treatments for patients with sleep disorders – is up 8.7 per cent after announcing strong results for the December quarter (13 per cent lift).
JB Hi-Fi (JBH) is up 1.5 per cent following a report which ranked the company as one of the world’s top 250 retailers.
Lynas Corp (LYC) is lifting by 3.5 per cent after saying it expects solid demand for rare earth minerals to continue. Rare earth metals are used in everything from cars to electronics. South32 (S32) is edging higher after announcing a management reshuffle (including a new COO).
St Barbara Mines (SBM) has produced ~99,000 ounces of gold over the second quarter at an average cost (All-In Sustaining Cost) of A$910/oz all while lifting its gold production guidance for the year.
Domain (DHG) is up 9.8 per cent. This recoups half Monday’s losses which was triggered by the surprise resignation of its CEO. DHG has received a broker upgrade today.
Oil Search (OSH) has sold and produced a little less oil between October and December but generated more revenue thanks to a lift in oil prices. OSH is up ~0.2 per cent.
CIMIC (CIM) has won an $84m contract to design and build the Gunyama Park Aquatic and Recreation Centre in Green Square, Sydney. This will be the largest pool complex built in Sydney since the 2000 Olympics. Construction is expected to be completed next year.
The main weight on the market is QBE which is down 5 per cent after flagging a FY17 loss of US$1.2bn. It attributes the loss to US$1bn in one-off expenses (mostly relating to its US operations) and natural disasters (including California Wildfires, December storms in Australia and Hurricane Maria).
1.7bn shares have changed hands at lunch worth a light $1.4bn. 572 stocks are up, 424 down and 401 are flat.
Originally published by CommSec