Following strong leads from US markets leads, the Australian share market has opened higher and is now tracking 0.26 per cent up at noon. The ASX200 has continued to gain momentum with the materials sector strengthening its muscle following a rise in commodity prices, particularly Iron Ore. BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited
(ASX:RIO) have both seen gains of around. 2%
The S&P/ASX 200 index is 15 points up at 5,665. On the futures market the SPI is 18 points higher.
Economic newsThe Australian Bureau of Statistics has reported a subdued 0.5% rise in the Consumer Price Index (CPI) for the December quarter. Tobacco, automotive fuel and restaurant meals saw the highest prices rises. Vegetables also rose 2.5% on the back of adverse weather conditions in major growing areas.
Company newsResolute Mining Limited
(ASX:RSG) has announced its gold production has increased, while its also decreased its costs for the period ending 31 December 2016. The gold producer and explorer says it produced 11,890 ounces more than the previous corresponding period. It also reduced its All-in sustaining to $835. Shares in Resolute Mining 2.68% per cent lower at $1.45
Cooper Energy Limited
(ASX:COE) has reported a rise of 6% in its production for the 3 months to 31 December 2016. The oil and gas developer’s is also reporting its revenue rose to $6.1 million, which was a $4.9 million jump from the same corresponding period. Shares in Cooper Energy are flat at 35 cents.
Best and worst performersThe best performing sector is Materials, gaining 0.7 per cent to 10,364. Shares in Western Areas
(ASX:WSA) have risen 5.79 per cent and trading at $2.56. Shares in Sandfire Resources NL
(ASX:SFR) and Aluminia Limited
(ASX:AWC) are also stronger.
The worst performing sector is REITs, falling 0.8 per cent to 1,330. Shares in Cromwell Property
(ASX:CMW) have fallen 1.28 per cent, trading at 96 cents. Shares in GrowthPoint Properties Australia (GOZ) and Vicinity Centres (VCX) are also lower.
Gold and the dollarGold is trading at $US1,210 an ounce.
The Australian dollar is buying $US0.7570
