Following positive leads from Wall Street flowing on from the Fed’s dovish stance on interest rates, the Australian share market opened in the black and is currently tracking 1.6 per cent higher at noon. It’s a sea of green across the screen today, with all sectors in positive territory, but the big four banks are providing the most support; NAB is the star performer jumping around 2.7 per cent. There has also been some solid gains the big miners, with BHP and Rio Tinto both gaining over 3 per cent so far this session.
The S&P/ASX 200 index is 78 points higher at 5,088. On the futures market the SPI is up 81 points.
Metals X Limited (ASX:MLX)
has acquired the Gunga Gold Deposit around 30 kilometres west of its South Kalgoorlie Operations. The purchase price is $1.5 million in cash with additional payments of $500,000, if gold production exceeds 10,000 ounces and a further $500,000 if production exceeds 30,000 ounces. Shares in Metals X are trading up 0.53 per cent at $0.94.
Navitas Limited (ASX:NVT)
has announced flat growth in student enrolments for the first semester of 2016 across its University Programs Division. Enrolments at Australia and New Zealand colleges decreased by 6 per cent compared to the prior corresponding period. The decline in enrolments is due to the closure of two colleges in Sydney. Shares in Navitas are trading up 1.11 per cent at $5.03.
Best and worst performers
The best performing sector is Energy, gaining 2.1 per cent to 7,880. Shares in Origin Energy have risen 5.26 per cent and trading at $5.20. Shares in Beach Energy and Caltex are also stronger.
The sector with the least gains is REITs, adding 0.7 per cent to 1,360. Shares in BWP Trust have fallen 0.87 per cent, trading at $3.40. Shares in Westfield Group and Goodman Group are also lower.
Gold and the dollar
Gold is trading at $US1,227 an ounce.
The Australian dollar is buying $US0.7666.