Midday: Aus shares track 0.24% higher at noon

Market Reports

by Carolyn Herbert

Following positive leads from Wall Street, the Australian share market opened in the black and is now tracking 0.24 per cent higher at noon. We’ve seen a big bounce back in the materials space with the big miners BHP and Rio Tinto gaining around 1.3 per cent each, as well as the big four banks. Not such a great day for the gold miners after the price of the precious metal dropped below US$1300 per ounce on news the Brexit vote could be postponed.

The S&P/ASX 200 index is 12 points up at 5,158. On the futures market the SPI is 29 points higher.

Company news

Superloop Limited (ASX:SLC) says it intends to undertake a 1 for 7 pro rata non-renounceable entitlement issue to raise around $35.3 million. The offer price for the entitlement offer will be $2.10 per new share, which is a 12.9 per cent discount to the closing price of Superloop shares yesterday. The funds will be used for a number of purposes including investment in the Hong Kong TKO Express domestic submarine cable project and general working capital. Shares in Superloop last traded at $2.41.

Orthocell Limited (ASX:OCC) has granted a further Chinese patent for its CelGro collagen medical device platform for soft tissue regeneration and repair applications. Orthocell says the granting of the patent comes at a perfect time for the company as it moves its products through the registration process in China and internationally. Shares in OrthoCell are trading up 1.47 per cent at $0.35.

Best and worst performers

The best performing sector is Financials excluding REITs, gaining 0.76 per cent to 6,285. Shares in Henderson Group have risen 3.88 per cent and trading at $4.82. Shares in BT Investments and FlexiGroup are also stronger.

The worst performing sector is Staples, falling 0.74 per cent to 8,199. Shares in Metcash have fallen 2.82 per cent, trading at $2.07. Shares in Wesfarmers and Bega Cheese are also lower.

Gold and the dollar

Gold is trading at $US1,279 an ounce.
The Australian dollar is buying $US0.7391. 

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