Following a strong lead from US markets, the ASX opened higher, managed to stay that way, and is now tracking 0.81% per cent higher at noon. Most sectors are trading in positive territory.
The market had some big news overnight as the OPEC meeting surprisingly resulted in a deal to cut oil production. This is the first time in 8 years that has happened. Not surprisingly, the Energy sector is the star performer today.
On the back of this news, the Australian dollar has hit a three-week high, and has passed the 77 US cent mark.
The S&P/ASX 200 index is 44 points up at 5,456. On the futures market the SPI is 42 points higher.
Company newsFletcher Building Ltd
(ASX:FBU), which is one of the largest New Zealand public companies, has had some movement in its leadership. Chief Financial Officer, Gerry Bollman, has resigned, and will leave the company at the end of the year. Fletcher has also announced Bevan McKenzie as the new CFO to replace him. Shares in Fletcher Building are trading up 0.39% at $10.20.
The Retail Food Group Ltd
(ASX:RFG) bas announced that its DRP Shortfall Placement is now complete, and it has accepted oversubscriptions. The company raised $35.6 million before costs – by issuing 5.2 million ordinary shares at $6.85 per share. Shares in the Retail Food Group
(ASX:RFG) are trading down 2.48% at $7.08 cents.
Best and worst performersThe best performing sector is Energy, gaining 5.7 per cent to 8,341. Shares in Beach Energy have risen 11.25 per cent and trading at 67 cents. Shares in Origin Energy and Santos are also stronger.
The worst performing sector is Healthcare, falling 0.3 per cent to 21,878. Shares in Healthscope have fallen 1.27 per cent, trading at $3.10. Shares in Cochlear and CSL are also lower.
Gold and the dollarGold is trading at $US1,326 an ounce.
The Australian dollar is buying $US0.7704.
