The Australian stock market is trading marginally higher this morning, despite a weak lead from Wall Street. Around lunch time, it’s tracking 0.14% higher.
Around 11.30am, the local market received a boost thanks to some positive economic news. The ABS released its trade balance figures for November, and it rose to a seasonally adjusted surplus $1.24 billion. This was driven by an 8% rise in commodity exports and flat imports. Also, this is the first surplus since March 2014. Looking back at the October figures, the country’s trade balance was a deficit of $1.12 billion.
The November result was much better than expected as economists were expecting Australia’s trade balance to be a $0.5 billion deficit in November.
Around noon, the S&P/ASX 200 index was up 8 points to 5,761. On the futures market, the SPI is up by just 1 point.
Company newsCSL Ltd
(ASX:CSL) and Momenta Pharmaceuticals, Inc. (Nasdaq: MNTA) have entered into an exclusive research collaboration and worldwide license agreement. Both companies will develop and commercialise Fc multimer proteins. Momenta will receive a $50 million upfront license fee from CSL and potentially future milestone and royalty payments. Shares in CSL are trading just 0.02% higher at $102.07.
Holista Colltech
(ASX:HCT) says it has teamed up with a Nobel Prize Nominee, Daryl Thompson, who specialises in carbohydrate chemistry, to file a patent for the world’s first low GI sugar made from all-natural ingredients. The company says its new low-GI sugar is unlike artificial sweeteners, which can only be used in beverages. Instead, it can also be melted, baked and caramelised for use in all cooking applications. The company expects to launch this product before June 2017. Shares in Holista Colltech are trading 28.57% higher at 14 cents.
Best and worst performersThe best performing sector is Telecoms, gaining 0.73 per cent to 1,846. Shares in Spark New Zealand have risen 1.46 per cent and trading at $3.47. Shares in Telstra and TPG are also stronger.
The worst performing sector is Materials, losing 0.11 per cent to 9,958. Shares in Incitec Pivot have lost 2.45 per cent, trading at $3.58. Shares in Sandfire Resources and Western Areas are also lower.
Gold and the dollarGold has risen to $US1,180 an ounce.
The Australian dollar has risen to $US0.7343.
