Despite weak offshore leads, the Australian share market edged higher on open and is now 0.35 percent higher at noon. It’s been tentative trade on the local market ahead of China’s GDP read coming up shortly after midday. The Materials space is leading mild gains in today’s trade, despite shares in Santos falling more than 2 percent.
The S&P/ASX 200 index is 17 points higher at 4,876. On the futures market the SPI is 10 points higher.
Company news
SmartTrans Holdings Limited
(ASX:SMA) has announced record revenue from its operations in China for the quarter ended 31 December 2015. The technology and software provider announced revenue of $3.68 million, marking a 59 percent increase from the previous quarter. Shares in SmartTrans are trading up 9.43 per cent at $0.058.
Dexus Property Group
(ASX:DXS) has received notice from the ACCC that it does not intend to conduct a public review of the proposal by DEXUS to acquire the entire issued capital of Investa Office Fund, by way of a trust scheme. Shares in DEXUS are trading up 1.83 per cent at $7.23.
Best and worst performers
To the best and worst performers: The best performing sector is Materials, gaining 1.1 per cent to 6,209. Shares in Pact Group have risen 6.42 per cent and trading at $4.81. Shares in BlueScope Steel and Regis Resources are also stronger.
The worst performing sector is Staples, falling 2 per cent to 8,223. Shares in Woolworths have fallen 3.45 per cent, trading at $22.84. Shares in Metcash and Select Harvest are also lower.
Commodities
Gold is trading at $US1,089 an ounce.
The Australian dollar is buying $US0.6884
