Following strong leads from US markets, the Australian share market opened higher this morning and is currently up 1.72 per cent at noon. The big four banks are leading the charge, but miners BHP and Rio are also in positive territory.
The S&P/ASX 200 index is up 89 points to 5,262. On the futures market the SPI is up 109 points higher.
Economic news
The Australian Bureau of Statistics has reported that new capital expenditure for the June quarter has fallen 3.9 per cent, while the seasonally adjusted read fell 4 per cent. The survey is a measure of actual spending and the estimates of future spending for the 2015/16 year.
Company news
Boral Limited (ASX: BLD) has delivered a surge in net profit to $257 million in the year to June 30.The figure is a 48.3 per cent increase on last year’s $173.3 million. However total revenue for the period fell 15.2 per cent to $4.42 billion. Shares in Boral are trading down 7.96 per cent at $5.78.
McAleese Limited
(ASX:MCS) has posted a $90.9 million net loss for the year ended June 30, on the back of tumbling commodity prices. The company’s revenues dropped 16.5 per cent over the year to $636.9 million. The company has not paid a dividend. Shares in McAleese are trading up 21.21 per cent at 8 cents.
Best and worst performers
The best performing sector is Utilities, gaining 3.45 per cent to 6,743. Shares in APA Group
(ASX:APA) have risen 6 per cent and trading at $8.84. Shares in Duet Group and Spark Infrastructure are also stronger.
The worst performing sector is Materials, gaining 1 per cent to 7,974. Shares in Boral Limited
(ASX:BLD) have fallen 7.96 per cent, trading at $5.78. Shares in Evolution Mining and Regis Resources are also lower.
Gold and the dollar
Gold is trading at $US1,127 an ounce.
The Australian dollar is buying 71.52 US cents.
