Midday: ASX moves higher after RBA minutes

Market Reports

Despite positive leads from Wall Street the Australian share market dipped at open but moved higher following the release of the Reserve Bank of Australia’s May board meeting minutes. The benchmark is moving either side of the open as traders absorb the implications from the minutes which have left the door open for more rate cuts in the future. 
 
Shares in BHP Billiton Limited (ASX:BHP) have continued to decline but shares in its spin-off South32 Limited (ASX:S32) have jumped. Shares in National Australia Bank Limited (ASX:NAB) are down 1 per cent but shares in Westpac Banking Corporation (ASX:WBC) are trading 1 per cent higher. 
 
Figures
 
The S&P/ASX 200 index has added 6 points to 5,665. On the futures market the SPI is 5 points higher. 
 
Company news
 
Graincorp Limited (ASX:GNC) says it will undertake a significant expansion of malt production capacity at its Great Western Malting facility in Idaho. The grain handler expects the project to increase annual capacity at the facility to 220,000 tonnes. Graincorp has also highlighted opportunities arising from rising demand for malt, particularly from craft brewers. Shares in Graincorp have gained 0.11 per cent and are trading at $9.52. 
 
Shares in Seymour Whyte Limited (ASX:SWL) have slumped after announcing the resignation of its CEO and Managing Director. The infrastructure, engineering and construction company says David McAdam’s resignation became effective yesterday. Seymour Whyte says its board will shortly commence a recruitment process for a new CEO. Shares in Seymour Whyte have slumped 19.01 per cent and are trading at $1.15. 
 
Best and worst performers
 
The best performing sector is health care, gaining 0.9 per cent to 18,281. Shares in ResMed Inc. (ASX:RMD) have risen 2.47 per cent and trading at $7.06. Shares in Ramsay Health Care Limited (ASX:RHC) and Primary Health Care Limited (ASX:PRY) are also stronger. 
 
The worst performing sector is consumer staples, falling 0.6 per cent to 9,233. Shares in Metcash Limited (ASX:MTS) have eased 2.14 per cent, trading at $1.37. Shares in Bega Cheese Limited (ASX:BGA) and Woolworths Limited (ASX:WOW) are also lower. 
 
Gold and the dollar
 
Gold is buying $US1,222 an ounce.
The Australian dollar is buying $US0.796.