Following positive leads from Wall Street overnight, the Australian share market jumped at the open and has continued full steam ahead and is now tracking 0.6% higher at noon. The healthcare space is once again leading the charge today along with the financials sector; with all of the big four banks in the black. We’ve also seen a solid rebound in the energy space after the price of Brent Crude made some gains overnight. The materials space is once again bearing the heaviest burden on the index with losses in the big miners as well as gold stocks experiencing some heavy losses.
The S&P/ASX 200 index is 34 points higher at 5,523. On the futures market the SPI is up 30 points.
Company newsOz Minerals Limited
(ASX:OZL) has entered into a Heads of Agreement with Mithril Resources to explore seven exploration licenses in South Australia’s Coompana Province. The company says the rocks are comparable to those just across the border that are known to host major mineral deposits. Oz Minerals says Mithril has a proven track record in the discovery and development of nickel/copper mineral deposits in Australia. Shares in Oz Minerals are trading down 2.19 per cent at $6.46.
PSC Insurance Group Limited
(ASX:PSI) has advised it expects underlying financial EBITDA to be in excess of $20 million. This compares to a prospectus forecast of $17.8 million. Shares in PSC Insurance are trading up 11.76 per cent at $1.90.
Best and worst performersThe best performing sector is Healthcare, gaining 1.5 per cent to 22,671. Shares in Estia Health have risen 3.63 per cent and trading at $5.00. Shares in Mesoblast and Australian Pharmaceuticals are also stronger.
The worst performing sector is Materials, falling 0.5 per cent to 8,489. Shares in St Barbara have fallen 10.57 per cent, trading at $2.69. Shares in Saracen and Northern Star are also lower.
Gold and the dollarGold is trading at $US1,312 an ounce.
The Australian dollar is buying $US0.7472.
