The Australian share market has continued on with yesterday’s gains this session, opening in the black and pushing higher in the first two hours of trade, jumping 0.28 per cent at noon. The materials space is once again proving to be the star performer this session as iron ore surges past the US$90 per tonne mark. The financials space is counteracting these gains with losses in three of the big four banks, ANZ the only one to buck the trend.
The S&P/ASX 200 index is 17 points up at 5,777. On the futures market the SPI is 12 points higher.
Company newsWesfarmers Limited
(ASX:WES) has announced that Rob Scott has been appointed as the next Wesfarmers Managing Director, succeeding Richard Goyder. Mr Goyder will step down from the role towards the end of the year after 12 years in the top job. Mr Scott will become the Group’s Deputy Chief Executive Officer effective immediately. Shares in Wesfarmers are trading up 0.14 per cent at $42.39
Genex Power Limited
(ASX:GNX) has announced that it has achieved financial close for its Kidston Solar Project Phase One. Genex has entered into a debt funding arrangement for a total of around $100 million with Societe Generale and the Clean Energy Finance Corporation. Project construction remains on target and for first generation and cash flow by Q4 of 2017. Shares in Genex Power are trading flat at $0.20.
Best and worst performersThe best performing sector is REITs, gaining 1.35 per cent to 1,377. Shares in Mirvac have risen 2.36 per cent and trading at $2.17. Shares in Stockland
(ASX:SGP) and BWP Trust
(ASX:BWP) are also stronger.
The worst performing sector is Telcos, falling 0.33 per cent to 1,824. Shares in Vocus Group
(ASX:VOC) have fallen 1.59 per cent, trading at $4.32. Shares in TPG Telecom
(ASX:TPM) and Telstra
(ASX:TLS) are also lower.
Gold and the dollarGold is trading at $US1,226 an ounce and the Australian dollar is buying $US0.7655.
