Strong offshore leads buoyed the Australian share market 1 per cent at open and stocks have remained at highs on hopes for stimulus action in Europe and the US.
The S&P/ASX 200 index has gained 45 points this morning and is trading at 4,255. On the futures market the SPI is currently 42 points stronger.
Tiger Airways has blamed the competition between Qantas Airways Limited (ASX:QAN) and rival airline Virgin Australia Holdings Limited (ASX:VAH) for stalling its plans to profit in Australia. The Singapore Airlines-owned budget airline narrowed its first quarter loss to $16 million but has booked a loss for five straight quarters. According to reports Tiger Airways has booked a total loss of more than $190 million in Australia since it started operating in 2007. Shares in Qantas Airways have lifted 1.61 per cent and are trading at $1.11.
APN News and Media Limited (ASX:APN) has today appointed Peter Hunt as Chairman of the Boar, with effect from September 3, 2012. The company has also today revealed it has won Australia’s largest outdoor advertising contract, the New South Wales State Transit Authority Bus Fleet. APN has held the exclusive media rights for the contract since 1987 which includes about 2,000 busses across Sydney. Shares in APN News and Media have risen 1.39 per cent and are trading at $0.55.
Best and worst performers
The best performing sector is Industrials gaining 45 points to 3,279. Shares in Bradken Limited (ASX:BKN) have risen 3.75 per cent and trading at $4.98. Shares in CSR Limited (ASX:CSR) and Downer EDI Limited (ASX:DOW) are also stronger.
The only sector in the red is Consumer Staples, falling 27 points to 8,193 Shares in Wesfarmers Limited (ASX:WES) have eased 0.71 per cent, trading at $32.33. Shares in Coca-Cola Amatil Limited (ASX:CCL) and Woolworths Limited (ASX:WOW) are also lower.
Gold and the dollar
Gold is trading at $US1,621 an ounce.
The Australian dollar is buying $US1.046.