Midday: Aus shares reverse losses, up 1.4%

Market Reports

With solid leads from the US and Europe, the Australian share market opened higher and is 1.4 per cent up at noon. 
 
The spike reversed yesterday’s losses, and its driven by the miners with BHP and Rio Tinto both up more than 2 per cent, despite further falls in the iron ore price, while gains in health care are also supporting the local market.
 
The Aussie dollar has been hit hard by an appreciating greenback with the likelihood of rate cuts and sinking commodities prices also denting demand for the Aussie.  
 
The S&P/ASX 200 index is 81 points up at 5,928. On the futures market the SPI is 74 points higher. 
 
Economic news

The Housing Industry Association has reported a 1.1 per cent jump in new home sales in February, supported by an 11.1 per cent boost in sales of apartments and town-houses. 
 
Company news
 
Cedar Woods Properties Limited (ASX:CWP) have outlined the benefits of the Upper Kedron Development with the Deputy Premier to make a decision on the project at the end of April. The property developer says the plan is low density and would provide much needed housing supply and significant economic outcomes. Deputy Premier, Jackie Trad, has said she will decide whether to “call in” the project by the 29th April. Shares in Cedar Woods are trading down 1.1 per cent at $5.39. 
 
Medical technology Rhinomed Limited (ASX:RNO) has inked local wholesale pharmacy distribution with Symbion for its Mute snoring technology.  The company says its technology was successfully tested in late 2014 and with snoring reduced by 75 per cent.  The Symbion network has over 1200 pharmacies and Rhinomed says it’s in talks with other major pharmacy operators. Shares in Rhinomed are trading up 9.09 per cent at $0.024 

Best and worst performers

All sectors are trading higher today, The best performing sector is healthcare, gaining 2.3 per cent to 19,637. Shares in Primary Health Care Limited (ASX:PRY) have risen 7.16 per cent and trading at $5.46. Shares in CSL Limited (ASX:CSL) and Ramsay Health Care Limited (ASX:RHC) are also stronger.
 
The sector with the least gains is REITs, are up 0.4 per cent to 1,300. Shares in Westfield Corporation Limited (ASX:WFD) have fallen 0.93 per cent, trading at $9.56. Shares in Investa Office Fund (ASX:IOF) and Charter Hall Retail (ASX:CQR) are also lower. 
 
IPOs

Genetic Signatures Limited (ASX:GSS) started trading today. The molecular diagnostics company floated with an issue price of $0.40, opened at $0.48 and is currently trading at $0.45.    
 
OtherLevels Limited (ASX:OLV) also started trading today. The mobile marketing and analytics company floated with an issue price of $0.20, opened at $0.275 and is currently trading at $0.25.
 
Gold and the dollar

Gold is trading at $US1,187 an ounce.
The Australian dollar is buying $US0.7660

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?