Banks run hot: Aus shares 0.36% 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 0.36 per cent higher at noon. The financials space is leading the charge this morning, with all of the big four banks in positive territory; NAB the stand out performer so far gaining 1.4 per cent. The materials space is proving to weigh down the index with losses in the iron ore miners and the gold space.

The S&P/ASX 200 index is 29 points up at 5,440. On the futures market the SPI is up 13 points.

Company news

Lithium Power International (ASX:LPI) have been placed in a trading halt pending the release of an announcement relating to acquiring a shareholding in a major strategic asset in South America. The company says it will be in the position to make the announcement no later than Tuesday. Shares in Lithium Power International last traded at $0.28.

Global Geoscience Limited (ASX:GSC) has gone into a trading halt pending the release of an announcement by the company relating to exploration results. The lithium exploration company says the announcement will be released to the market by Monday at the latest. Shares in Global Geoscience before the halt were up 11.94 per cent at $0.075.

Best and worst performers

The best performing sector is Financials excluding REITS, gaining 1.15 per cent to 6,568. Shares in Flexi Group have risen 2.54 per cent and trading at $2.02. Shares in BT Investment and Macquarie Group are also stronger.

The worst performing sector is REITs, falling 0.9 per cent to 1,513. Shares in National Storage have fallen 2.42 per cent, trading at $1.61. Shares in Growthpoint and Investa Office Fund are also lower.

Gold and the dollar

Gold is trading at $US1,329 an ounce.
The Australian dollar is buying $US0.7627.


Carolyn Herbert

Finance News Network
Carolyn joined FNN in August 2015 as the Head of News and also presented the Market at Midday and the Market Wrap. With more than five years of broadcast journalism experience, Carolyn has worked as a finance anchor on the Sky News Business channel and as an anchor and reporter for ABC News. She is also a qualified corporate lawyer specialising in IPOs, takeovers and mergers and acquisitions.