Despite lack lustre leads from Wall Street, the Australian share market opened higher led by a rally in the miners and is now tracking 0.42 per cent higher at noon. The market has also been given a boost after the Bank of England cut its key lending rate to a new seven year low of 0.25 per cent. We’ve also seen a recovery in the financials space today and energy is continuing on with yesterday’s rally after the price of Brent crude jumped once again overnight.
The S&P/ASX 200 index is 23 points up at 5,499. On the futures market the SPI is 19 points higher.
Company newsWestpac Banking Corporation
(ASX:WBC) has announced that the bank’s Chief Operating Officer John Arthur has decided to retire. In response to Mr Arthurs retirement, CEO Brian Harzer has announced changes to the management of Mr Arthur’s portfolio. As such, the Group’s General Counsel and Chief Compliance Officer Rebecca Lim will report directly to the CEO. Shares in Westpac are trading up 0.33 per cent at $30.21.
YPB Group Limited
(ASX:YPB) has announced that its proprietary anti-theft Lexcaps will be used across Dan Murphy’s stores Australia wide. YPB’s Lexcaps are reusable security caps that are applied to bottle tops and removed by staff at the point of sale. A person attempting to steal a bottle with a Lexcap will trigger an alarm at the exit. It is estimated that Dan Murphy’s will use more than 100,000 units per annum. Shares in YPB Group Limited are trading flat at $0.20.
Best and worst performersThe best performing sector is Energy, gaining 1.8 per cent to 8,444. Shares in Whitehaven Coal have risen 8.61 per cent and trading at $1.86. Shares in Origin Energy and Worley Parsons are also stronger.
The worst performing sector is Utilities, falling 0.85 per cent to 7,894. Shares in AGL Energy have fallen 1.21 per cent, trading at $20.40. Shares in APA Group and Duet Group are also lower.
IPOsPropertyLink Group started trading today. The funds and asset management company listed with an issue price of $0.89, opened at $0.82, and is currently trading at $0.82.
Gold and the dollarGold is trading at $US1,361 an ounce.
The Australian dollar is buying $US0.7647.
