Midday: Aus shares up 1.56% at noon

Market Reports

Following positive leads, the Australian share market opened higher and is 1.56 per cent up at noon. Miners and energy names are leading the uptrend as investors await the crucial overnight US Federal Reserve monetary policy update. 
 
The S&P/ASX 200 index is 80 points up at 5,179. On the futures market the SPI is 60 points higher. 
 
Economic news

The RBA has recognised the impact falling commodity prices are having on the growth of household income, company profits and government revenues. In today’s Quarterly Bulletin, the Reserve Bank also noted these effects are being offset by accommodative monetary policy and a falling Australian Dollar. 
 
Company news
 
Macquarie Group Limited (ASX:MQG) has received the green light from the ACCC for its proposed acquisition of ANZ’s vehicle refinancing firm Esanda. The Australian Competition and Consumer Commission found the purchase would be unlikely to result in a substantial lessening of competition in the sector. Shares in Macquarie Group are trading up 0.74 per cent at $78.81. 
 
Oroton Group Limited (ASX:ORL) has reported a 68 percent fall in net profit to $2.6 million for the financial year ended 25 July 2015. The luxury brand retailer cut its full year dividend to $0.065 fully franked. Shares in Oroton Group Limited are trading up 0.89 per cent at $2.26. 

Best and worst performers
  
To the best and worst performers: All sectors are up. The best performing sector is Energy, gaining 3.4 per cent to 8,865. Shares in AWE have risen 9.68 per cent and trading at $0.68. Shares in Drillsearch Energy and Senex Energy are also stronger. 
 
The sector with the least gains is Healthcare, gaining 0.3 per cent to 17,984. Shares in Ansell have fallen 1.38 per cent, trading at $19.99. Shares in Estia Health and Sirtex Medical are also lower. 

Gold and the dollar
 
Finally, to gold and the dollar: Gold is trading at almost $US1,121 an ounce.
The Australian dollar is buying $US0.7179

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?