Following a positive close for Wall street after a horror week of trade last week, the Australian share market opened in the black and is now tracking 0.93 per cent higher at noon.
Investors appear to be stepping in to pick up some bargains after the market reached its lowest level in 2.5 years yesterday, but there’s been no love for BHP, with the stock falling almost a per cent into the $15 handle. Energy stocks are also suffering after the price of oil fell once again overnight.
The S&P/ASX 200 index is 43 points higher at 4,975. On the futures market the SPI is 64 points higher.
Company news Beach Energy Limited
(ASX:BPT) has announced the appointment of Mr Matthew Kay as its new Chief Executive Officer, effective on the 17th of July this year, or such earlier date as mutually agreed. Mr Kay is currently the Executive General Manager of Strategy and Commercial at Oil Search. Shares in Beach Energy are trading down 3.49 per cent at $0.42.
Crowd Mobile Limited
(ASX:CM8) has signed agreements to launch into India, the Philippines, Thailand and Indonesia as the company continues its global expansion strategy. The company says mobile phone penetration in Asia is at around 40 per cent and by 2019 is expected to be around 52 per cent. The company now operates in more than 50 countries. Shares in Crowd Mobile are trading flat at $0.26.
Best and worst performers
The best performing sector is Telcos, gaining 1.7 per cent to 1,949. Shares in TPG Telecom have risen 4.4 per cent and trading at $9.50. Shares in Telstra and Spark NZ are also stronger.
The worst performing sector is Energy, falling 1.2 per cent to 7,477. Shares in Santos have fallen 4.05 per cent, trading at $3.08. Shares in Beach Energy and Worley Parsons are also lower.
Gold and the dollar
Gold is trading at $US1,096 an ounce.
The Australian dollar is buying $US0.6989.
