It’s been a rollercoaster start to Super Tuesday. Despite positive leads, disappointing earnings results from ANZ forced the local bourse lower on open, only to stage a comeback led by the financials space to sit 0.85 percent higher at noon. Still to come on this Tuesday we have an interest rate decision from the Reserve Bank of Australia ahead of the release of the Budget this evening.
The S&P/ASX 200 index is 45 points up at 5,288. On the futures market the SPI is 45 points higher.
Economic news
The ABS has reported a 3.7 percent rise in building approvals in March, beating expectations.
Company news
Wesfarmers Limited
(ASX:WES) has announced the forthcoming retirement of Stewart Butel, Managing Director of Wesfarmers Resources. The Resources business includes Wesfarmers Curragh and Wesfarmers’ 40 percent interest in the Bengalla coal mine. Shares in Wesfarmers are trading down 0.26 per cent at $42.85.
Auswide Bank Limited
(ASX:ABA) has received the green light from the Supreme Court of Queensland regarding the acquisition of all shares in Queensland Professional Credit Union Limited, trading as Your Credit Union. The court approval follows support for the merger by YCU members at the scheme meeting held last month. Shares in Auswide Bank last traded at $5.15.
Best and worst performers
The best performing sector is Financials Excluding REITS, gaining 1.95 per cent to 6,534. Shares in ANZ have risen 3.46 per cent and trading at $24.55. Shares in Lendlease and NAB are also stronger.
The worst performing sector is Energy, falling 2.12 per cent to 8,253. Shares in Beach Energy have fallen 5.16 per cent, trading at $0.73. Shares in Origin Energy and Santos are also lower.
Gold and the dollar
Gold is trading at $US1,294 an ounce.
The Australian dollar is buying $US0.7678
