Following positive leads from Wall Street, the Australian share market opened slightly higher but has since gathered momentum throughout the session and is tracking 0.28 per cent higher at noon. After a jump in the price of commodities overnight, especially gold, the materials space is leading the charge. No surprises that gold stocks are the stand out performers, with the likes of Northern Star Resources and Evolution Mining gaining around 6 per cent.
The S&P/ASX 200 index is 15 points up at 5,428. On the futures market the SPI is up 12 points.
Economic newsThe latest GDP figures are out and according to the ABS real Gross Domestic Product (GDP) rose by 0.5 per cent in the June quarter,. This fell slightly short of economists' expectations of a 0.6 per cent increase.
Company newsGPT Metro Office Fund
(ASX:GMF) says Growthpoint will not extend the offer period , nor increase the offer consideration for its takeover offer of GMF. The company has advised shareholders to accept the Growthpoint offer in the absence of a superior proposal. As at 5th of September Growthpoint had a 93.57 per cent interest in the company and intends to compulsorily acquire the remaining percentage. Shares in GPT Metro Office are trading down 0.8 per cent at $2.49.
Goodman Group
(ASX:GMG) has announced it is transitioning the leadership of its US business from Brandon Birtcher to Anthony Rozic following its successful establishment and growth since 2012. Mr Rozic has been closely involved in the US operation over the past four years and will be responsible for the ongoing successful execution of Goodman’s US business strategy. Shares in Goodman Group are trading down 1.66 per cent at $7.38.
Best and worst performersThe best performing sector is Materials, gaining 0.7 per cent to 8,825. Shares in Saracen Minerals have risen 12.59 per cent and trading at $1.52. Shares in Northern Star Resources and Evolution Mining are also stronger.
The worst performing sector is Healthcare, falling 0.1 per cent to 21,259. Shares in Ansell have fallen 2.27 per cent, trading at $21.98. Shares in Australian Pharmaceuticals and Mesoblast are also lower.
IPOsKyckr Limited
(ASX:KYK) started trading today. The provision of corporate data company floated with an issue price of $0.20, opened at $0.20 and is currently trading at $0.20.
Gold and the dollarGold is trading at $US1,350 an ounce.
The Australian dollar is buying $US0.7666.
