The Australian share market lifted at open and is trading 0.3 per cent higher at noon. Most sectors are trading higher led by strength among health care stocks. Energy and mining sectors have back-flipped from yesterday’s gains and are in the red.
Figures
The S&P/ASX 200 index has gained 20 points to 5,689. On the futures market the SPI is 14 points higher.
Company news
Primary Health Care Limited
(ASX:PRY) has sold down its $34 million stake in Vision Eye Institute Limited
(ASX:VGH) following a recent spike in the company’s price. The interest has been picked up by Shanghai-listed Jangho Group. Primary Health Care expects to book a pre-tax gain on the sale of around $14 million which will be put to paying down debt. Shares in Primary Health Care are trading 0.54 per cent lower at $4.59.
CSL Limited
(ASX:CSL) has scored approval for its $US275 million purchase of the global influenza vaccine business from Novartis. The acquisition was revealed in October last year and CSL plans to merge it with its subsidiary bioCSL and call the merged entity Seqirus. CSL has described the transaction as significant and hopes to tie up the deal as soon as possible. Shares in CSL are trading 1.99 per cent higher at $98.27.
Best and worst performers
The best performing sector is health care, gaining 1.9 per cent to 19,599. Shares in ResMed Inc.
(ASX:RMD) have risen 6.78 per cent and trading at $8.03. Shares in Estia Health Limited
(ASX:EHE) and Japara Healthcare Limited
(ASX:JHC) are also stronger.
The worst performing sector is energy, falling 0.8 per cent to 10,906. Shares in Paladin Energy Limited
(ASX:PDN) have fallen 5.56 per cent, trading at $0.21. Shares in Senex Energy Limited
(ASX:SXY) and WorleyParsons Limited
(ASX:WOR) are also lower.
IPOs
Pepper Group Limited
(ASX:PEP) started trading today. The lending and loan services provider floated with an issue price of $2.60, opened at $3.05 and is currently trading at $3.10.
Gold and the dollar
Gold is buying $US1,085 an ounce.
The Australian dollar is buying $US0.729.
