In the black: Aus shares track 0.25% higher at noon

Market Reports

by Carolyn Herbert

It has been a positive start to the Friday trading session for the Australian market, after Wall street finished the day in the black. The local bourse opened higher but flattened off at around 11am. It has since regained some of its momentum and is now tracking 0.25 per cent higher at lunch time. The telcos are leading the charge today with gains in Telstra and TPG Telcom. Staples are the worst performers with losses in the likes of Wesfarmers, Woolworths and A2Milk.

The S&P/ASX 200 index is 16 points higher at 5,354. On the futures market the SPI is 15 points higher.

Company news

Myer Holdings (ASX:MYR) has assured share holders that it expects to return to net profit growth in 2017. Sales in the department store giant rose 1.6 for the October quarter, exceeding the sales of rival David Jones. CEO Richard Umbers also stated that EBITDA was forecasted to grow faster than sales. Shares in Myer are trading up 7.69 per cent at $1.12.

Automotive Holdings Group (ASX:AHG) says it expects to deliver a full year operating NPAt outcome ahead of FY16. It also says it expects a significant improvement in earnings from refrigerated logistics in H2 of FY17, as the division realises cost savings from its major transformation program. Shares in Automotive Holdings are 4.09 per cent higher at $3.82.

Best and worst performers

The best performing sector is Telcos, gaining 1.7 per cent to 1,752. Shares in Spark NZ have risen 2.22 per cent and trading at $3.22. Shares in Telstra and Vocus Communications are also stronger.

The worst performing sector is Staples, falling 0.3 per cent to 8,616. Shares in Asaleo Care have fallen 3.5 per cent, trading at $1.52. Shares in A2 Milk and Bellamy’s are also lower.

Gold and the dollar

Gold is trading at $US1,215 an ounce.
The Australian dollar is buying $US0.7402.




 

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