It has been a positive start to the trading week for the Australian share market following on from positive leads from Wall Street. The local bourse opened in the black this morning and has gained momentum in the first two hours of trade tracking 0.49 per cent higher at noon. The materials space is doing the bulk of the heavy lifting with gains in the big miners BHP
(ASX:BHP) and Rio Tinto
(ASX:RIO), as well as the gold stocks. REITS are faring the worst with losses in the likes of Scentre Group
(ASX:SCG) and Westfield
(ASX:WFD).
The S&P/ASX 200 index is 28 points up at 5,749. On the futures market the SPI is 29 points higher.
Company newsSirtex Medical Limited
(ASX:SRX) says it has received a letter and draft statement of claim from Portfolio Law, foreshadowing the commencement of a representative proceeding against the company in the Federal Court of Australia. In the letter the liver cancer treatment company was invited to enter into settlement discussions with the plaintiff, pending commencement of the representative proceeding. Sirtex has however declined that invitation. Shares in Sirtex Medical are trading flat at $14.72.
Bellamy’s Australia Limited
(ASX:BAL) has advised that Mr Vaughan Webber has withdrawn his consent to be nominated as a company director. Mr Webber was one of four candidates proposed by Black Prince Private Foundation for election at the Extraordinary General Meeting to be held at the end of February. Shares in Bellamy’s are trading down 0.83 per cent at $4.77.
Best and worst performersThe best performing sector is Materials, gaining 2.2 per cent to 10,360. Shares in Western Areas
(ASX:WSA) have risen 4.71 per cent and trading at $2.67. Shares in Amcor
(ASX:AMC) and St Barbara
(ASX:SBM) are also stronger.
The worst performing sector is REITs, falling 0.8 per cent to 1,358. Shares in Scentre Group
(ASX:SCG) have fallen 2.21 per cent, trading at $4.43. Shares in Westfield Corporation
(ASX:WFD) and Cromwell Property Group
(ASX:CMW) are also lower.
Gold and the dollarGold is trading at $US1,231 an ounce.
The Australian dollar is buying $US0.7665.
