Midday: Consumer confidence down, ASX200 up 0.45% at noon

Following strong leads from Wall Street, on the back of a surge in oil prices overnight, the Australian share market opened higher this morning. It is now tracking 0.45 per cent higher at noon.

The energy sector is leading the charge, and the health sector is the worst performer today.

The ASX 200 is up 24 points at 5,377. On the futures market the SPI is up 23 points.

Economic news

Consumer confidence has dropped by 3% in July, according to the Index of Consumer Sentiment released today by the Westpac-Melbourne Institute. The Index this month is at 99.1, down from 102.2 in June. A result of less than 100 means there are more pessimists than optimists. This result was influenced by Brexit and the uncertainty that resulted from the Australian federal election.

Company news

Ardiden Limited (ASX:ADV) has expanded its lithium portfolio in Canada. It has staked and secured the grant of the Root Bay Lithium Project in Ontario. This in addition to its existing lithium projects at Seymour Lake and Root Lake.

Shares in Ardiden are trading up 3.85 per cent at 2.7 cents.

Catapult Group International Ltd (ASX:CAT) has entered an agreement to buy all the shares in US company, XOS Technologies Inc, for $80 million. Catapult says XOS is a market leader in providing digital and video analytics software solutions to elite sports teams in the United States. This deal is expected to complete by the end of August.

Shares in Catapult is on a trading halt and last traded at $3.80

Best and worst performers

The best performing sector is Energy, gaining 1.8% to 8,434. Shares in Worley Parsons have risen 3.18 per cent and trading at $7.79. Shares in Oil Search and Beach Energy are also stronger.

The worst performing sector is Health, falling 0.8 per cent to 21,318. Shares in CSL have fallen 1.61 per cent, trading at $110.74. Shares in Ramsay Health and Cochlear are also lower.

IPOs

Race Oncology Ltd (ASX:RAC) started trading today. The pharmaceutical company floated with an issue price of 20 cents, opened at 25 cents and is currently trading at 25.5 cents.

Scottish Pacific Group Ltd (ASX:SCO) also started trading today. The company floated with an issue price of $3.20, opened at $3.35 and is currently trading at $3.39.

Gold and the dollar

Gold is trading at $US1,332 an ounce.
The Australian dollar is buying $US0.7601.