Losses on Wall street saw the local market dip on open but that soon turned around with the ASX up 0.2 per cent at midday.
After major losses last week, and with plenty of data to digest from the long weekend, the local market turned positive on buying of the banks which pushed the bourse back above the 5,500 point mark.
Meanwhile shares in Nine Entertainment plunged as investors reacted to Friday’s news of an earnings downgrade.
The S&P/ASX 200 index is 15 points up at 5,514. On the futures market the SPI is 10 points higher.
Economic news
The NAB Business Confidence Survey showed optimism has returned after the budget with the index climbing four points to seven.
Company news
Shares in Tabcorp Holdings Limited
(ASX:TAH) are down more than 3 per cent on news Racing Victoria has chosen Seven West Media as its preferred media partner. The company says its offer to Racing Victoria on June 1 gave notice that its interim broadcasting arrangements would cease on June 15 this year. Shares in Tabcorp are trading down 3.65 per cent at $4.63
Operations at the Newcrest Mining Limited
(ASX:NCM) Lihir gold mine were shut down for 36 hours over the weekend after disruptions by community interests. The gold miner says it is in discussions with mining authorities, landowners and local governments with an audit process having been agreed on the 14th May. Operations were restarted on Monday evening. Shares in Newcrest are trading down 2.27 per cent at $13.36
Best and worst performers The best performing sector is energy, gaining 0.8 per cent to 11,327. Shares in Whitehaven Coal Limited have risen 1.79 per cent and trading at $1.43. Shares in Santos Limited
(ASX:STO) and Woodside Petroleum Limited
(ASX:WPL) are also stronger.
The worst performing sector is consumer staples, falling 0.7 per cent to 8,697. Shares in Metcash Limited
(ASX:MTS) have fallen 1.79 per cent, trading at $1.10. Shares in Wesfarmers Limited
(ASX:WES) and Woolworths Limited
(ASX:WOW) are also lower.
Turning to IPOs and 1st Available Limited
(ASX:1st) started trading today. The online health booking system floated with an issue price of $0.35, opened at $0.22 and is currently trading at $0.17.
Gold and the dollar
Gold is trading at $US1,175 an ounce.
The Australian dollar is buying $US0.7706
