Following positive leads from Wall Street, the Australian share market has broken its losing streak, opening in the black and tracking 0.33% higher at noon. Overnight, US markets rejoiced after Federal Reserve Chairwoman Janet Yellen adopted a more dovish stance on interest rates, saying the US bank will proceed “cautiously” when it comes to future rate hikes.
Taking a look at the local share market, there has been some relief for the big four banks, with CBA and NAB making small gains; however Westpac and ANZ have once again fallen deeper into the red. The healthcare space has bounced back today, with CSL, Cochlear and Sirtex regaining some of yesterday’s losses.
The S&P/ASX 200 index is 16 points higher at 5,021. On the futures market the SPI is up 11 points.
Company news Metals of Africa Limited
(ASX:MTA) says it will jointly acquire a micronizing and spheronizing mill to produce spherical graphite in the USA as part of a battery production and testing facility. The company says the production of spherical graphite is a critical step in the production of anode- ready material that is used in Lithium Ion batteries. Shares in Metals of Africa are trading flat at $0.054.
Best and worst performers
The best performing sector is Utilities, gaining 1.8 per cent to 7,097. Shares in APA Group have risen 4.71 per cent and trading at $8.90. Shares in Spark Infrastructure and Duet Group are also stronger.
The worst performing sector is Energy, falling 0.3 per cent to 7,818. Shares in Whitehaven Coal have fallen 1.52 per cent, trading at $0.65. Shares in Worley Parsons and Caltex are also lower.
Gold and the dollar
Gold is trading at $US1,242 an ounce.
The Australian dollar is buying $US0.7640.
