The local share market has bounded 0.9 per cent higher this morning to defy a weak read on the SPI and despite major markets yet to start trading for the week.
Gains were led by the iron ore miners that have benefited from stimulus talk in China and a jump in the ore price overnight.
Support also came from AGL as it flags asset sales and cost cutting measures.
The S&P/ASX 200 index is 50 points up at 5,771. On the futures market the SPI is 57 points higher.
Company news
Westpac Banking Corporation
(ASX:WBC) has appointed Lyn Cobley as institutional banking boss as Rob Whitfield leaves the role. The bank says Ms Cobley is currently head of retail at Commonwealth Bank and was previously CBA’s group treasurer. Mr Whitfield will leave the group to seek new opportunities and Ms Cobley will assume the role in September. Shares in Westpac are trading up 1.58 per cent at $33.48
Online foreign exchange provider Ozforex Group Limited
(ASX:OFX) has reported a 52 per cent jump in full year profit with net operating income up 24 per cent in the year to the end of March. The company says statutory net profit hit $24.3 million with operating income of $90.1 million on the back of strong brand management and a scalable technology platform. CEO Neil Helm says acquisitions are of interest should opportunities arise with further investment in growth a high priority. Shares in Ozforex are trading down 6.39 per cent at $2.49.
Best and worst performers All major sectors are higher today, the best performer is utilities, gaining 2.4 per cent to 6,886. Shares in AGL Energy Limited
(ASX:AGL) have risen 5.75 per cent and trading at $16.37. Shares in APA Group
(ASX:APA) and DUET Group
(ASX:DUE) are also stronger.
The sector with the least gains is telcos, gained 0.3 per cent to 2,229. Shares in Spark New Zealand Limited
(ASX:SPK) have fallen 0.78 per cent, trading at $2.56. Shares in Vocus Communications Limited
(ASX:VOC) and M2 Group Ltd
(ASX:MTU) are also lower.
Gold and the dollar
Gold is trading at $US1,205 an ounce.
The Australian dollar is buying $US0.7819
