Following a solid lead from Wall Street, the Australian share market has opened in positive territory this Tuesday session and is now tracking 0.33 per cent higher in the first two hours of trade. The energy space is the star performer so far this session after a jump in the price of Brent crude overnight, with the likes of Santos gaining close to 5 per cent. The financials space is also continuing on its upwards ascent with the big four banks gaining around half a per cent.
The S&P/ASX 200 index is 18 points up at 5,494. On the futures market the SPI is 18 points higher.
Company newsRio Tinto Limited
(ASX:RIO) will reduce its gross debt by $1.5 billion under cash tender offers announced on the 26th of September 2016. The purchase of $1.5 billion in securities forms part of the iron ore giant’s capital management plan. Once the securities have been purchased they will be retired and cancelled. Shares in Rio Tinto are trading up 1.61 per cent at $52.95.
Baby Bunting Limited
(ASX:BBN) has announced that its chairman Barry Saunders will retire as chairman and non-executive director or the company at the conclusion of the 2016 Annual General Meeting. Non-executive director Ian Cornell will succeed Mr Saunders in the role. Mr Cornell has held senior executive roles with Westfield Group and Woolworths. Shares in Baby Bunting are trading up 0.34 per cent at $2.93.
Best and worst performersThe best performing sector is Energy, gaining 2 per cent to 8,913. Shares in Santos have risen 4.49 per cent and trading at $3.96. Shares in Worley Parsons and Origin Energy are also stronger.
The worst performing sector is REITs, falling 0.69 per cent to 1,358. Shares in GPT Group have fallen 1.65 per cent, trading at $4.76. Shares in Stockland and Investa Office Fund are also lower.
Gold and the dollarGold is trading at $US1,257 an ounce.
The Australian dollar is buying $US0.7592.
