Following small gains by US markets the Australian share market opened in positive territory, but is struggling for momentum tracking 0.06 per cent higher at noon. Overnight, we saw a jump in the oil price following speculation that OPEC may curtail supply by 5 per cent. As such, we’ve seen gains in the energy space, with Santos and Origin Energy leading the charge. The financials and materials sectors have also made some small gains.
The S&P/ASX 200 index is 3 points higher at 4,979. On the futures market the SPI is up 2 points.
Company news Auckland International Airport
(ASX:AIA) has announced that Emirates will start a new non-stop service between Dubai and Auckland from 2 March 2016. The airport estimates the new service will deliver an extra 194 thousand seats per annum and deliver an additional $125 million to the New Zealand economy each year. Shares in Auckland Airport are trading up 0.2 per cent at $5.13.
Bank of Queensland Limited
(ASX:BOQ) has announced John Lorimer has been appointed as non-executive director effective immediately. Mr Lorimer has spent more than 20 years in financial services and held executive roles in Australia, Asia and Europe. Shares in Bank of Queensland are trading up 0.2 per cent at $13.03.
Best and worst performers
The best performing sector is Energy, gaining 3.1 per cent to 7,353. Shares in Origin Energy have risen 4.13 per cent and trading at $4.03. Shares in Santos and Whitehaven Coal are also stronger.
The worst performing sector is Healthcare, falling 1.8 per cent to 19,344. Shares in Mesoblast have fallen 3.18 per cent, trading at $1.52. Shares in Healthscope and CSL are also lower.
Gold and the dollar
Gold is trading at $US1,115 an ounce.
The Australian dollar is buying $US0.7083.
