It has been another positive start to the session for the Australian share market, on the back of slightly higher leads from Wall Street. The local bourse opened in the black and has since tracked sideways in the first two hours of trade and is up 0.69 per cent at noon. The financials space along with consumer discretionaries are charging ahead this session, with gains of close to 1 per cent in all of the big four banks. The energy space is faring the worst after the price of oil dropped overnight after previously rallying to a 1-year-high.
The S&P/ASX 200 index is 37 points up at 5,466. On the futures market the SPI is 39 points higher.
Economic newsGeneral economic growth in Australia has tumbled in the September quarter, falling by 0.5 per cent. This represents the largest quarterly decline since the fourth quarter of 2008.
Company newsGalaxy Resources Limited
(ASX:GXY) says it has now commenced 24-hour production at its Mt Cattlin lithium project in Ravensthorpe, Western Australia. The company is aiming to produce a lithium concentrate of 5.5 per cent with a less than 5 per cent mica concentration. Trucking from Mt Cattlin began on the 5th of December to transport to Esperance Port. Shares in Galaxy Resources are trading steady at $0.45.
Genex Power Limited
(ASX:GNX) will issue 45 million shares to institutional and sophisticated investors at an offer price of $0.22 per share to raise close to $10 million. The funds will be put towards development of the company’s Kidston solar project as well as general working capital. The company anticipates to reach financial close on the Kidston project in the first quarter of 2017. Shares in Genex Power last traded at $0.27.
Best and worst performersThe best performing sector is Financials, gaining 1.1 per cent to 6,255. Shares in AMP have risen 1.95 per cent and trading at $4.70. Shares in IAG and OzForex are also stronger.
The worst performing sector is Energy, falling 0.9 per cent to 8,911. Shares in Origin Energy have fallen 3.72 per cent, trading at $6.33. Shares in Beach Energy and Oil Search are also lower.
Gold and the dollarGold is trading at $US1,169 an ounce.
The Australian dollar is buying $US0.7423.
