Despite Wall Street closing lower for a fifth straight session, the Australian share market has rebounded from the last two dismal trading sessions and is now tracking 0.63 per cent higher at noon. We’ve seen a rebound in the financials and materials spaces, with investors picking up the big four banks as well as BHP and Rio Tinto, which are up almost 2 per cent. But the shining light today is once again the gold miners, as investors continue to flock to the precious metal as a ‘safe haven’ asset ahead of the Brexit vote next week.
The S&P/ASX 200 index is 32 points higher at 5,180. On the futures market the SPI is up 34 points.
Company news Syrah Resources Limited
(ASX:SYR) has announced a fully underwritten $194 million capital raising to complete the funding of the Balama project, provide balance sheet flexibility and further accelerate the company’s spherical graphite strategy. Syrah says it is seeking to further accelerate its spherical graphite strategy in response to significant market demand for Lithium-ion batteries. Shares in Syrah Resources last traded at $6.40.
Wellard Limited
(ASX:WLD) has provided an update to the market on the company’s operations and forecast profit. The company says it now has six shipments scheduled to load and sail before 30 June 2016. Wellard says it expects its forecast pro forma FY2016 net profit to be around the bottom of the $23.5 million to $30 million range. Shares in Wellard are trading down 7.45 per cent at $0.43.
Best and worst performers
The best performing sector is Consumer Discretionaries, gaining 1.76 per cent to 2,054. Shares in Crown Resorts have risen 14.96 per cent and trading at $12.95. Shares in Premier Investments and Corporate Travel are also stronger.
The sector with the least gains is Staples, adding 0.03 per cent to 8,281. Shares in Metcash have fallen 4.24 per cent, trading at $2.15. Shares in Tassal Group and Coca-Cola Amatil are also lower.
Gold and the dollar
Gold is trading at $US1,298 an ounce.
The Australian dollar is buying $US0.7415.
