Following positive leads from Wall Street overnight, the local share market opened in the black and is currently tracking 1.4 per cent higher at noon. While all sectors are up, it has been a bumper session so far for the materials and energy spaces, with BHP gaining almost 6 per cent and Santos gaining more than 4 per cent. Investors are also buying up the big banks, with NAB and CBA leading the charge up around 1.5 per cent.
The S&P/ASX 200 index is 68 points higher at 4,950. On the futures market the SPI is 77 points higher.
Sydney Airport Limited (ASX:SYD)
has reported strong growth across all businesses with group revenue and EBITDA increasing 5.6 per cent and 5.8 per cent respectively. The company says the result was underpinned by international passenger growth of 4.3 per cent and an efficient investment program. Shares in Sydney Airport are trading up 2.8 per cent at $6.60.
Drillsearch Energy Limited (ASX:DLS)
says the Federal Court of Australia has approved the Scheme of Arrangement to implement Drillsearch’s all-scrip merger with Beach Energy. The court approval follows overwhelming support for the merger by Drillsearch shareholders at the Scheme Meeting held last month. Shares in Drillsearch are trading up 5.6 per cent at $0.66.
Best and worst performers
The best performing sector is Materials, gaining 2.95 per cent to 6,990. Shares in Fortescue have risen 8.27 per cent and trading at $2.03. Shares in Oz Minerals and BHP are also stronger.
The sector with the least gains is Telcos, adding 0.6 per cent to 1,968. Shares in Vocus have gained 0.13 per cent, trading at $7.95. Shares in Telstra and TPG Telecom are also higher.
Gold and the dollar
Gold is trading at $US1,208 an ounce.
The Australian dollar is buying $US0.7143.