With gains in the US, the Australian share market pushed higher on open and after a few jitters it continued to extend the gains and is 0.4 per cent higher at noon.
Promising announcements from Apple have reignited excitement over tech stocks while the ECB’s bond buying program has lifted spirits in Europe.
Locally Healthcare led the way today while energy stocks pulled the market lower.
The S&P/ASX 200 indexis 23 points up at 5,844. On the futures market the SPI is 17 points higher.
Economic news
The NAB Business Survey for February has shown a weakening in business confidence for the month dropping 3 points to zero, despite stimulus form the RBA in the form of a rate cut.
Company news
Magnis Resources Limited
(ASX:MNS) has progressed its Nachu graphite project with its environmental study due for completion in June. The graphite miner says a resettlement action plan is being developed with a survey suggesting around 30 households will need to be relocated. A mining lease application will be submitted once the environmental and resettlement studies are completed. Shares in Magnis are trading down 5.45 per cent at $0.26
Perpetual Limited
(ASX:PPT) will award $460,000 in funds to young Australian artists through the 2015 Marten Bequest Travelling Scholarships. The financial services company says the winning actors, sculptors, painters and singers will each receive $20,000 to develop and enrich their careers through travel. The company says prudent investment management has allowed it to award a record number of scholarships this year. Shares in Perpetual are trading up1.54 per cent at $54.03
Best and worst performers
The best performing sector is health care, gaining 1.4 per cent to 19,514. Shares in Sirtex Medical Limited
(ASX:SRX) have risen 5.3 per cent and trading at $36.37. Shares in Sigma Pharmaceutical Limited
(ASX:SIP) and ResMed
(ASX:RMD) are also stronger.
The worst performing sector is energy, falling 0.6 per cent to 11,241. Shares in Karoon Gas Australia Limited
(ASX:KAR)have fallen 2.82 per cent, trading at $2.41. Shares in Horizon Oil Limited
(ASX:HZN) and Origin Energy Limited
(ASX:ORG) are also lower.
Gold and the dollar
Gold is trading at $US1,167 an ounce.
The Australian dollar is buying $US0.7671
