It has been a tentative start to the trading week for the Australian share market, following a flat finish by US markets on Friday. The local bourse opened slightly higher but dropped into the red an hour into the session, before rebounding and tracking 0.17 per cent higher at noon. The materials space is leading the charge this session, with gains of between 1 and 2 per cent in the big miners BHP Billiton
(ASX:BHP) and Rio Tinto
(ASX:RIO). The telcos space is also in the black with Telstra
(ASX:TLS) gaining just over 1 per cent.
The S&P/ASX 200 index is 12 points up at 5,742. On the futures market the SPI is 17 points higher.
Economic newsRetail sales have rebounded in January, according to latest figures from the Australian Bureau of Statistics. Retail turnover increased 0.4 per cent in January, compared to a fall of 0.1 per cent in December. Household goods had the biggest jump of 1.4 per cent for the month.
Also in economic news, the number of job advertisements dipped in February, according to latest figures from ANZ. Internet and newspapers ads declined by a seasonally adjusted 0.7 per cent in February, compared to 3.9 per cent jump in January.
Company newsYowie Group
(ASX:YOW) has reaffirmed its revenue growth target for fiscal 2017 to be in the 85 per cent to 90 per cent range versus the prior year. The chocolate manufacturer says manufacturing volumes in January and February reflect consistent improvement and Yowie expects to continue to raise monthly production levels in coming months to meet growing demand. Shares in Yowie Group are trading up 4.49 per cent at $0.47.
Michael Hill International Limited
(ASX:MHJ) has announced that Phil Taylor will be appointed as Chief Executive Officer of the jewellery retailer, effective immediately. Mr Taylor’s appointment comes following an extensive international search process and the new CEO has spent 30 years with the company and was most recently in the role of Chief Financial Officer. Shares in Michael Hill are trading down 0.38 per cent at $1.30.
Best and worst performersThe best performing sector is Materials, gaining 1.22 per cent to 10,037. Shares in Fortescue Metals
(ASX:FMG) have risen 3.18 per cent and trading at $6.48. Shares in South32
(ASX:S32) and Bluescope Steel
(ASX:BSL) are also stronger.
The worst performing sector is Healthcare, falling 0.89 per cent to 21,605. Shares in Regis Health
(ASX:REG) have fallen 2.84 per cent, trading at $4.11. Shares in Mayne Pharma
(ASX:MYX) and Cohclear
(ASX:COH) are also lower.
Gold and the dollarGold is trading at $US1,234 an ounce and the Australian dollar is buying $US0.7580.
