After a rocky few days the local market has rebounded to a gain of 1.8 per cent at midday today. The boost came despite losses on both US and European markets with local support coming from the health care sector and the banks which were snapped up by bargain hunters.
The energy sector lagged on weakness in the oil price while iron ore also saw a further dip overnight.
The Aussie dollar is below the $US0.75 mark.
The S&P/ASX 200 index is 99 points up at 5,574. On the futures market the SPI is 92 points higher.
Company news
Shares in Hub24 Limited
(ASX:HUB) have gained on news of record quarterly inflows to its investment and superannuation platform at $273 million. The financial services company says its funds under administration were up 100 per cent on last year to $1.7 billion. Record net inflows were driven by Hub24’s retail platform offerings and licensee white label products. Shares in Hub24 are trading up 8.47 per cent at $1.28.
Valence Industries Limited
(ASX:VXL) has increased its graphite production at Uley in South Australia after starting production in mid June. Throughput rates have increased to 15 tonnes per hour with an aim of reaching 20 tonnes per hour. The company says the progress is pleasing with purity level exceeding 89 per cent. Shares in Valence are flat at $0.25
Best and worst performers All major sectors are higher today, the best performing sector is health care, gaining 2.3 per cent to 18,513. Shares in Mesoblast limited
(ASX:MSB) have risen 4.99 per cent and trading at $4.00. Shares in Mayne Pharma Group Limited
(ASX:MYX) and Ansell Limited
(ASX:ANN) are also stronger.
The sector with the least gains is energy, up 0.1 per cent to 10,781. Shares in Worleyparsons Limited
(ASX:WOR) have fallen 3.04 per cent, trading at $10.21. Shares in Santos Limited
(ASX:STO) and Beach Energy Limited
(ASX:BPT) are also lower.
Gold and the dollar
Gold is trading at $US1,169 an ounce.
The Australian dollar is buying $US0.7486
