Following positive leads from US markets, the Australian share market has opened in the black and is tracking 0.5 per cent higher at noon. The big four banks are doing most of the heavy lifting once again, following on from strong gains yesterday.
The S&P/ASX 200 index is 26 points higher at 5,047. On the futures market the SPI is also 26 points higher.
Economic news
Capital city home values have risen 0.9 per cent for September, according to figures from Core Logic RP Data. However gross rental yields maintained historic lows for last month, at 3.4 per cent for houses and 4.3 per cent for units.
Company news
Skilled Group Limited
(ASX:SKE) has announced the Supreme Court of Victoria has today approved the Scheme of Arrangement under which Programmed Maintenance Services will acquire 100 per cent of Skilled Group. Skilled shareholders will receive 0.55 new Programmed shares and the Skilled special dividend of 15.5 cents fully franked. Shares in Skilled Group are trading down 1.6 per cent at $1.68.
Oncosil Medical Limited
(ASX:OSL) has announced that international life sciences research group, Van Leeuwenhoeck Institute has initiated analyst research coverage of the company. Oncosil is focussed on the commercialisation of its radiation treatment for pancreatic and liver cancer. Shares in Oncosil are trading up 6.9 per cent at 15 cents.
Best and worst performers
The best performing sector is Energy, gaining 1.18 per cent to 8,204. Shares in Whitehaven Coal have risen 3.35 per cent and trading at 93 cents. Shares in AWE and Drillsearch are also stronger.
The only sector making losses is Healthcare, falling 0.04 per cent to 17,647. Shares in Virtus Health have fallen 2.85 per cent, trading at $5.28. Shares in Mesoblast and Regis Healthcare are also lower.
IPOs
MainstreamBPO Limited
(ASX:MAI) started trading today. The Funds administration and business processing company floated with an issue price of 40 cents, opened at 45 cents and is currently trading at 45 cents.
Gold and the dollar
Gold is trading at $US1,115 an ounce.
The Australian dollar is buying $US0.7027.
