Rally continues: Aus shares up 0.63% at noon

Market Reports

by Carolyn Herbert

It has been a positive start to the week for the Australian share market, jumping at the open and gaining momentum in the first two hours of trade, tracking 0.63 per cent higher at noon. While all sectors are in positive territory the Industrials space is doing the bulk of the heavy lifting so far this session with gains in the likes of Sydney Airport (ASX:SYD) and toll road operator Transurban (ASX:TCL). Discretionaries have the least gains, with losses in the likes of Surfstitch (ASX:SRF) and Webjet (ASX:WEB).

The S&P/ASX 200 index is 35 points up at 5,568. On the futures market the SPI is 24 points higher.

Company news

St Barbara Limited (ASX:SBM) says its net-cash position is increasing ahead of a further $20 million buy-back of Senior Secure Notes. The Notes will be repurchased at a 3.3 per cent premium to par value. The note repurchase will be funded from US dollar cash reserves generated from US dollar gold sales. The gold miner says it expects to be debt-free next quarter. Shares in St Barbara Limited are trading down 2.37 per cent at $1.75.

APN Property Group Limited (ASX:APD) has announced that the APN Retail Property Fund has been successfully launched. The Fund will own a portfolio of 23 Puma Energy Service Stations located in Queensland and NSW independently valued at $106.1 million at a yield of around 7.3 per cent. The properties have 15 year triple net leases, with annual rent increases of 3 per cent. Shares in APN Property Group are trading flat at $0.39.

Best and worst performers

The best performing sector is Industrials, gaining 1.3 per cent to 5,205. Shares in Sydney Airport (ASX:SYD) have risen 2.49 per cent and trading at $6.58. Shares in Transurban (ASX:TCL) and GWA Group (ASX:GWA) are also stronger.

The sector with the least gains is Consumer Discretionaries, adding 0.2 per cent to 2,095. Shares in Seven West Media (ASX:SWM) have fallen 5.52 per cent, trading at $0.77. Shares in Southern Cross Media (ASX:SXL) and Webjet (ASX:WEB) are also lower.

IPOs

Integrated Payment Technologies (ASX:IP1) listed today. The Clearing House business listed at $0.20, opened at $0.18 and is trading at $0.18.

Gold and the dollar

Gold is trading at $US1,138 an ounce.
The Australian dollar is buying $US0.7297.



 

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?