Following positive global leads, the Australian share market skipped out of the gate and is 1.5 per cent up at noon as investors eye the 5000 level. Miners and energy stocks are once again leading the charge in a broad-based rally, following further gains in commodity prices overnight. Meanwhile positive eco sentiment has driven the Aussie Dollar above 72 US cents. The S&P/ASX 200 index is 76 points up at 4,998. On the futures market the SPI is 97 points higher.
Economic news
The ABS has reported a firm Australian GDP read with both yearly and quarterly figures beating expectations. Growth came in at 0.6 percent over the quarter and 3 percent year on year, faring higher than estimate of 2.5 percent.
Company news
Australia and New Zealand Banking Group Limited
(ASX:ANZ) has announced changes to the structure of its wealth management business. The lender said it will simplify its approach to wealth management, more closely aligning the distribution of wealth products and services with its Retail and Commercial business. ANZ also announced the departure of Group Executive Wealth, Marketing and Innovation Joyce Phillips. Shares in ANZ are trading up 3.86 per cent at $23.96.
Medibank Private Limited
(ASX:MPL) has received government approval to increase its premiums by an average of 5.64 percent across all Medibank and ahm health insurance products. The company noted that private health insurance premiums for all private health insurers are regulated and all changes are approved by the Minister for Health annually. Shares in Medibank are trading up 5.43 per cent at $2.72.
Best and worst performers
The best performing sector is Energy, gaining 3.1 per cent to 7,786. Shares in Beach Energy have risen 8.26 per cent and trading at $0.62. Shares in AWE and Woodside Petroleum are also stronger.
The worst performing sector is Utilities, falling 0.7 per cent to 6,958 Shares in Spark Infrastructure have fallen 2.63 per cent, trading at $2.04. Shares in APA Group and Duet Group are also lower.
Gold and the dollar
Gold is trading at $US1,230 an ounce.
The Australian dollar is buying $US0.7221
