The local share market opened higher this morning buoyed by a jump in commodity prices overnight and is now tracking 0.51 per cent higher at noon. The materials space is doing the bulk of the heavy lifting, with gains in the big miners BHP and Rio Tinto; but it’s the gold stocks that are really the shining light today after the price of the precious metal jumped more than 2.5 per cent. Other sectors including financials, telcos and healthcare all seem to be struggling for direction.
The S&P/ASX 200 index is 27 points higher at 5,346. On the futures market the SPI is up 26 points.
Company news Quickstep Holdings Limited
(ASX:QHL), a manufacturer of advanced carbon fibre composites, has signed a memorandum of understanding with DCNS Group, a French naval ship building company and European leader in naval defence. Under the MOU the companies will cooperate in the manufacture of components and assemblies using advanced composite materials. Shares in Quickstep are trading up 7.14 per cent at $0.14.
Ingenia Communities Group
(ASX:INA) has announced that it has exceeded its sales target for FY16 with 130 net sales already secured at 31 May 2016 against a full year target of 120 net sales for the 2016 financial year. The company has settled 98 homes for the year to date and presently has 70 contracts on hand. Shares in Ingenia are trading up 4.24 per cent at $2.95.
Best and worst performers
The best performing sector is Materials, gaining 3.47 per cent to 8,153. Shares in Evolution Mining have risen 11.94 per cent and trading at $2.25. Shares in Northern Star Resources and Regis Resources are also stronger.
The worst performing sector is Telcos, falling 0.59 per cent to 2,060. Shares in Vocus Communications have fallen 0.75 per cent, trading at $9.29. Shares in Telstra are also lower and TPG Telecom is higher.
Gold and the dollar
Gold is trading at $US1,243 an ounce.
The Australian dollar is buying $US0.7322.
