Following mixed leads from overseas markets, the Australian share market is managing to keep its head above water opening in positive territory and currently tracking 0.69 per cent higher at noon. We’ve seen a rebound in the energy space today, with investors picking up Santos shares after the stock fell 8 per cent yesterday, but no such luck for BHP, with the stock continuing to fall through the $15 dollar floor, and now trading around the $14.80 mark. The big banks, CBA in particular are doing the bulk of the heavy lifting so far this session.
The S&P/ASX 200 index is 34 points higher at 4,959. On the futures market the SPI is 31 points up.
Company news Dulux Group
(ASX:DLX) has been advised by United Voice that union-represented employees at Dulux’s Rocklea site in Queensland have voted to take indefinite strike action, beginning today. The Rocklea site includes Dulux’s principal Australian decorative paint manufacturing site and the Dulux Queensland state distribution centre. The company has been negotiating a new enterprise agreement for Rocklea for some months and has offered no adverse changes to existing conditions, plus a 3 per cent per annum pay rise. Dulux says it has robust contingency plans in place. Shares in Dulux are trading 0.96 per cent higher at $6.28.
Best and worst performers
The best performing sector is Energy, gaining 1.3 per cent to 7,393. Shares in Beach Energy have risen 5.19 per cent and trading at $0.41. Shares in Santos and Origin are also stronger.
The worst performing sector is Materials, falling 0.3 per cent to 6,204. Shares in Northern Star have fallen 3.32 per cent, trading at $2.62. Shares in Sims Metal and Regis Resources are also lower.
Gold and the dollar
Gold is trading at $US1,087 an ounce.
The Australian dollar is buying $US0.7002.
