Following positive leads from the US and Europe and higher commodity prices, the Australian share market opened over half a per cent higher but has since retreated to be just 0.2 per cent stronger at noon.
Meanwhile the dollar continues to climb with no signals from the Reserve Bank that a cut in interest rates is imminent however the higher dollar was noted in RBA meeting minutes released yesterday.
The S&P/ASX 200 index is 13 points up at 5,202. On the futures market the SPI is 1 points higher.
Company news
Netcomm Wireless Limited
(ASX:NTC) has been placed in a trading halt ahead of an announcement regarding a capital raising. The company is spruiking a fully underwritten placement to sophisticated investors along with an associated share purchase plan. Shares in Netcomm last traded at $3.25.
Macquarie Atlas Roads Limited
(ASX:MQA) says revenue for the March quarter increased 7.3 per cent on last year. Traffic growth in France and the U.S. continues to benefit from improving economic conditions. Shares in Macquarie Atlas are trading 1.28 per cent higher at $4.74.
Best and worst performers
The best performing sector is materials, gaining nearly 2 per cent to 8,171. Shares in Fortescue Metals have risen 5.27 per cent and trading at $3.50. Shares in South 32 and Syrah Resources are also stronger.
The worst performing sector is financials excluding REITS, falling 0.54 per cent to 5,818. Shares in QBE have fallen 1.78 per cent, trading at $11.05. Shares in ANZ and Challenger are also lower.
Gold and the dollar
Gold is trading at $US1,255 an ounce.
The Australian dollar is buying 77.94 US cents.
