Midday: Aus shares jump 0.55% at noon; energy stocks rebound

Market Reports

by Carolyn Herbert

Following strong leads from Wall Street, the Australian share market opened sharply higher and is now tracking up 0.55 per cent at noon. The energy space has regained yesterday’s losses after the price of Brent crude jumped overnight. The big banks have also made a come-back today, with all four in the green; CBA is leading the charge and is up just under 1 per cent. Gold and silver stocks have also extended their winning streak this session with the likes of Regis Resources and St Barbara gaining around 3 per cent.

The S&P/ASX 200 index is 29 points higher at 5,226. On the futures market the SPI is 29 points higher.

Company news

Michael Hill International Limited (ASX:MHJ) has provided a trading update to the market saying it has achieved a 5.1 per cent increase in same store sales growth and an 8.9 per cent increase in total sales for the year to 30 June 2016. The newly-listed jewellery retailer says it will also open nine new Michael Hill stores before Christmas. The Group expects earnings before interest and tax to be in the range of $46 million to $48 million. Shares in Michael Hill International are trading steady at $1.15.

Programmed Maintenance Limited (ASX:PRG) has announced that the Dividend Reinvestment Plan for its final dividend for the financial year ended 31 March 2016 will be underwritten by Macquarie Capital (Australia) Limited up to a maximum of $12.49 million. Shares issued to Macquarie Capital under the underwriting agreement will be at the same price as those issued to shareholders participating in the DRP. Shares in Programmed are trading up 1.81 per cent at $1.69.

Best and worst performers

The best performing sector is Energy, gaining 1.86 per cent to 8,277. Shares in Whitehaven Coal have risen 3.39 per cent and trading at $1.22. Shares in Santos and Oil Search are also stronger.

The worst performing sector is Utilities, falling 1.73 per cent to 7,650. Shares in AGL Energy have fallen 4.33 per cent, trading at $19.44. Shares in Spark Infrastructure and APA Group are also lower.

Gold and the dollar

Gold is trading at $US1,368 an ounce.
The Australian dollar is buying $US0.7497.




 

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