Following positive leads, the Australian share market has jumped on the global rally to open higher and is 0.4 per cent up at noon. The rate cut by the China’s central bank has helped to lift markets, as the PBOC vice governor says there’s still room to cut the banks reserve requirement ratio.
The S&P/ASX 200 index is 19 points up at 5,371. On the futures market the SPI is 27 points higher.
Company news
Insurance Australia Group Limited
(ASX:IAG) Chief Strategy Officer Leona Murphy is set to leave the company, effective 31 December 2015. The insurance company advised that Ms Murphy is returning to Queensland and focussing on the next stage of her career as a non-executive director, having joined IAG in 2007. Shares in Insurance Australia Group are trading up 0.36 per cent at $5.56.
Troy Resources Limited
(ASX:TRY) has announced the completion of commissioning of the processing plant at the Karouni gold project in Guyana where construction activities commenced in February this year. The first gold pour is expected to occur in the first half of November. Shares in Troy Resources are trading up 1.39 per cent at $0.36.
Best and worst performers
The best performing sector is REITs, gaining 0.75 per cent to 1,298. Shares in Abacus Property Group have risen 1.24 per cent and trading at $3.27. Shares in Westfield and Federation Centres are also stronger.
The worst performing sector is Telcos, falling 0.44 per cent to 2,000. Shares in Spark New Zealand have fallen 0.96 per cent, trading at $3.10. Shares in Telstra are lower, while shares in Vocus are flat.
Gold and the dollar
Gold is trading at $US1,163 an ounce.
The Australian dollar is buying $US0.7228
