The Australian stock market is trading over the 5400 mark despite a mixed lead from Wall Street. Stronger commodity prices are leading broad-based gains with stocks just over half a per cent higher at noon. However a weakening oil price may put pressure share prices into afternoon trade.
The S&P/ASX 200 index is 28 points up at 5,416. On the futures market the SPI is 32 points higher
Company news
Excelsior Gold Limited
(ASX:EXG) has been placed in a trading halt ahead of an announcement from the company expected by the 31st May. The Kalgoorlie-based producer is part of an expanding open pit operation in Western Australia.
Shares in Excelsior Gold last traded at $0.07.
BPS Technology Limited (ASX:BPS) has announced it has expanded its Bartercard operations in the US with three new franchises. The addition of Irvine in California, Chatanooga in Tennessee and North Georgia in the state of Georgia takes the amount of US franchises to ten. Shares in BPS Technology are trading down 0.98 per cent at $1.01.
Best and worst performers
The best performing sector is utilities, gaining 1.4 per cent to 7,304. Shares in AusNet Services have risen 2.56 per cent and trading at $1.60. Shares in Duet Group and APA Group are also stronger.
The worst performing sector is materials, falling 0.25 per cent to 8,079. Shares in Evolution Mining have fallen 2.34 per cent, trading at $2.09. Shares in Independence Group and Rio Tinto are also lower.
Gold and the dollar
Gold is trading at $US1,221 an ounce.
The Australian dollar is buying 72.23 US cents.
