Thursday rebound: Aus shares up 0.33% at noon

We’ve finally seen a rebound in the Australian share market on the back of positive leads from Wall Street. This was thanks to a jump in energy and financial stocks. The local index jumped at the open, but has since tracked sideways in the first two hours of trade – gaining one-third of a per cent at noon.

The energy space is our star performer so far, thanks to another jump in the oil price – with the likes of Santos and Oil Search gaining around 2.5 per cent. There was also a solid start to the session for the big four banks, all of which are in positive territory.

The S&P/ASX 200 index is 18 points higher at 5,471. On the futures market the SPI is up 22 points.

Company news

Estia Health Limited (ASX: EHE) has revised down its current financial year EBITDA – to a range between $86 million and $90 million. One reason for this downward revision is due to the company’s lower projected occupancy growth rate. The other is the company’s reappraisal of its anticipated non-labour operating expenses in FY17. Shares in Estia Health are trading down 8.79 per cent at $3.01.

Transurban Limited (ASX:TCL) owns a 62.5% stake in Transurban Queensland. Transurban Queensland has priced $200 million worth of senior secured, 7 year, medium term notes in the Australian market. In addition, Transurban Queensland has priced $235 million worth of senior secured, 10 year notes in the Swiss market. The proceeds will be used to fully repay existing term bank debt, which will mature in July next year. Shares in Transurban are trading up 0.93 per cent at $10.89.

Best and worst performers

The best performing sector is Energy, gaining 1.34 per cent to 8,688. Shares in Whitehaven Coal have risen 4.9 per cent and are trading at $2.68. Shares in Beach Energy and Worley Parsons are also stronger.

The worst performing sector is Telcos, falling 1.87 per cent to 1,808. Shares in Vocus Communication have fallen 4.92 per cent, and are trading at $5.61. Shares in TPG and Telstra are also lower.

Gold and the dollar

Gold is trading at $US1,269 an ounce.
The Australian dollar is buying $US0.7612.