Mid-week rally: Aus shares up 0.71% at noon

Market Reports

by Carolyn Herbert

It has been a positive start to the trading session for the Australian share market, opening in the black and continuing to gain momentum throughout the session, tracking 0.71 per cent higher at noon. The consumer discretionaries space is the best performer this session with the likes of APN Outdoor (ASX:APO) gaining over 8 per cent and OohMedia (ASX:OML) adding over 10 per cent. Materials are once again faring the worse with losses in BHP and across the gold stocks.

The S&P/ASX 200 index is 39 higher to 5,584. On the futures market the SPI is 37 points higher.

Company news

Tatts Group Limited(ASX:TTS) has announced it has received an unsolicited, confidential proposal from four financial investors to acquire 100 per cent of Tatts for a combination of cash and scrip. Tatts says it is yet to form a view on how the indicative proposal compares to the proposed TabCorp merger. The company says it will provide a full update to shareholders as soon as possible. Shares in Tatts Group are trading up 9.54 per cent at $4.53.

Lithium Australia (ASX:LIT) says it will file a reply and a defence to a counterclaim from Lepidico Limited (ASX:LPD) in the Supreme Court of Western Australia. The lithium explorer announced that it was suing Lepidico in relation to the Sileach lithium recovery process. Lithium Australia directors say they are confident of a favourable outcome on the matter. Shares in Lithium Australia are trading flat at $0.14.

Best and worst performers

The best performing sector is Discretionaries, gaining 1.85 per cent higher to 2,094. Shares in Tatts Group (ASX:TAH) have risen 9.54 per cent and trading at $4.53. Shares in APN Outdoor (ASX:APO) and Corporate Travel Management (ASX:CTD) are also stronger.

The sector with the least gains is Materials, adding 0.06 per cent to 9,774. Shares in Independence Group (ASX:IGO) have fallen 2.04 per cent, trading at $4.08. Shares in Sandfire Resources (ASX:SFR) and Saracen Minerals (ASX:SAR) are also lower.

Gold and the dollar

Gold is trading at $US1,159 an ounce.
The Australian dollar is buying $US0.7491.


Carolyn Herbert

Finance News Network
Carolyn joined FNN in August 2015 as the Head of News and also presented the Market at Midday and the Market Wrap. With more than five years of broadcast journalism experience, Carolyn has worked as a finance anchor on the Sky News Business channel and as an anchor and reporter for ABC News. She is also a qualified corporate lawyer specialising in IPOs, takeovers and mergers and acquisitions.