Despite a weak lead from Wall Street, the Australian share market opened in positive territory this morning and is now tracking 0.5 per cent higher at noon. The materials space is leading the charge this session after a small increase in the price of commodities overnight. We have seen gains in the big miners, BHP Billiton
(ASX:BHP) and Rio Tinto
(ASX:RIO) of between 0.8% and 1.4%. Utilities and consumer discretionaries are proving to be the biggest weight on ASX200.
The S&P/ASX 200 index is 28 points up at 5,639. On the futures market the SPI is up 24 points.
Company newsSandfire Resoures NL
(ASX:SFR) has announced its repaid $50 million of outstanding debt in its revolver facility, nearly 12 months ahead of the scheduled repayment date. The copper producer says its strong cash flow from DeGrussa, as well as a higher copper price enabled it to make the early payment. Shares in Sandfire Resources are trading 3% higher at $6.19.
First Graphite Limited
(ASX:FGR) has entered into a trading halt, pending a release of an announcement by the company.
The graphite explorer says the announcement relates to a capital raising.
The halt is expected to remain in place until before the open on Friday. Shares in First Graphite last traded at $0.14.
Best and worst performersThe best performing sector is Materials, gaining 1.4 per cent to 10,165. Shares in Bluescope Steel
(ASX:BSL) have risen 9.44 per cent and trading at $11.36. Shares in Boral
(ASX:BLD) and Pact Group
(ASX:PGH) are also stronger.
The worst performing sector is Utilities, falling 1.1 per cent to 7,902. Shares in Duet Group
(ASX:DUE) have fallen 1.93 per cent, trading at $2.79. Shares in AusNet Services
(ASX:AST) and Infigen Energy
(ASX:IFN) are also lower.
Gold and the dollarGold is trading at $US1,218 an ounce
The Australian dollar is buying $US0.7583.
