Following positive leads, the Australian share market opened in the black and is currently tracking 0.68 per cent higher at noon. The financials space is doing the bulk of the heavy lifting with gains in all of the big four banks, with Westpac leading the charge up around 2 per cent. Also a strong day for the materials space; with BHP and Rio Tinto gaining 1.5 to 2 per cent.
The S&P/ASX 200 index is 34 points higher at 4,980. On the futures market the SPI is 30 points up.
Company news Alumina Limited
(ASX:AWC) has advised that AWAC has signed bauxite supply contracts from existing mines with customers in China, Europe and Brazil worth over $350 million over two years. AWAC is a joint venture 60 per cent owned by Alcoa and 40 per cent owned by Alumina. Shares in Alumina are trading up 0.96 per cent at $1.31.
Quickstep Holdings
(ASX:QHL) has entered into the South Korean automotive market through a new sales contract with the Korea Institute of Science and Technology. Quickstep will develop and supply composite manufacturing equipment by the end of 2016. Shares in Quickstep are trading up 8.62 per cent at $0.16.
Best and worst performers
The best performing sector is Energy, gaining 2.1 per cent to 7,560. Shares in Beach Energy have risen 5.93 per cent and trading at $0.63. Shares in Santos and Worley Parsons are also stronger.
The worst performing sector is Telcos, falling 1.2 per cent to 1,908. Shares in Telstra have fallen 1.34 per cent, trading at $5.15. Shares in Spark Infrastructure and TPG Telecom are also lower.
Gold and the dollar
Gold is trading at $US1,225 an ounce.
The Australian dollar is buying $US0.7596.
