Gold rallies: Aus shares 0.73% higher at noon

Market Reports

by Clive Tompkins

Despite a mixed lead from Wall Street the Australian share market opened higher and is powering ahead at noon. There has been a rebound in the energy space as well as the materials sector with the gold miners leading the charge after the price of the precious metal jumped. However the Telcos sector is flat.

The S&P/ASX 200 index is 41 points up at 5,603. On the futures market the SPI is 41 points higher.

Company news

Northern Star Resources Limited (ASX:NST) has gone into a trading haltpending the release of an announcement by the gold miner. Prior to the halt the company announced it has reached an agreement in principle to sell its Plutonic Gold Mine in Western Australia. The announcement relating to the trading halt will be released to the market by
Wednesday. 
Shares in Northern Star last traded at $5.27.

Funtastic Limited (ASX:FUN) says its expected 2016 financial results have been affected by recent adverse market events and economic developments in Europe post Brexit. The company expects an EBITDA loss for the full year to be between $5.5 and $6 million.
Shares in Funtastic are trading down 18.18 per cent at $0.018.

Best and worst performers

The best performing sector is Energy, gaining 2.25 per cent to 8,419. Shares in Whitehaven Coal have risen 5.64 per cent and trading at $1.78. Shares in Origin Energy and Caltex are also stronger.

The worst performing sector is Telcos with the index flat at 2,133. Shares in Spark NZ have fallen 0.53 per cent, trading at $3.73. Shares in TPG Telecom are lower and Telstra slightly higher.

Gold and the dollar

Gold is trading at $US1349 an ounce.

The Australian dollar is buying $US75.88
 

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?