Midday: Aus shares track 0.1% higher at noon

Despite weak leads from Wall Street, the Australian share market decided not to follow the US market into the red and is now tracking 0.1% higher at noon. The market is being led higher by gains in the materials space namely the big miners BHP and Rio Tinto, as well as the big four banks. It appears investors are cautiously backing the UK to remain in the EU ahead of tomorrow’s vote, with today’s session characterised by low volumes and many mixed sectors.

The S&P/ASX 200 index is 5 points higher at 5,276. On the futures market the SPI is up 8 points.

Company news

Auckland Airport’s (ASX:AIA) international passenger numbers have increased by 10 per cent to reach more than 660 thousand in May 2016 compared to a year ago. The airport says the increase is as a result of seat capacity growth, both from existing airlines and the four new airline customers since September 2015. Shares in Auckland Airport are trading up 1.16 per cent at $6.08.

Virgin Australia Holdings Limited (ASX:VAH) has announced it has completed the previously announced $159 million placement to HNA Innovation following receipt of required regulatory approvals from Chinese authorities. The Group expects to launch the previously announced fully underwritten A$825 million non-renounceable pro-rata entitlement offer on or around the 6th of July. Shares in Virgin Australia are trading up 1.06 per cent at $0.24.

Best and worst performers

The best performing sector is Materials, gaining 1.1 per cent to 8,026. Shares in Saracen Minerals have risen 5.1 per cent and trading at $1.34. Shares in Fortescue Metals and Regis Resources are also stronger.

The worst performing sector is Utilities, falling 0.35 per cent to 7,390. Shares in Spark Infrastructure have fallen 1.42 per cent, trading at $2.44. Shares in Duet Group and APA Group are also lower.

IPOs

ApplyDirect Limited (ASX:AD1) started trading today. The search e-recruitment platform floated with an issue price of $0.20, opened at $0.27 and is currently trading at $0.30.

Gold and the dollar

Gold is trading at $US1,267 an ounce.
The Australian dollar is buying $US0.7526.