It has been another positive start to the trading day for the Australian share market, following on from yesterday’s stellar gains. The local bourse jumped at the open and has continued to gain momentum in the first two hours of trade tracking 0.76 per cent higher at noon. We’ve seen the Financials space extend its rally, with a further surge in all of the big four banks; but the best performer is actually the Energy sector today. While practically all sectors are in the black, Utilities are currently tracking flat.
The S&P/ASX 200 index is 45 points up at 5,866. On the futures market the SPI is 40 points higher.
Company newsCrown Resorts Limited
(ASX:CWN) has announced it has entered into a cash-settled equity swap in respect of its shareholding in Melco Crown Entertainment, equivalent to 36 million MCE shares and 2.4 per cent of MCE shares outstanding. Crown says the swap transaction provides it with a price hedge with respect to any future sales of MCE shares. It also considers the transaction a major initiative to enhance shareholder value. Shares in Crown Resorts are trading down 0.17 per cent at $11.67.
Vocus Communications Limited
(ASX:VOC) has announced it has disposed of its 16 per cent relevant interest in Macquarie Telecom Group
(ASX:MAQ). The shares were held via a total return swap as described in the FY16 Vocus financial statements. Vocus has also announced the appointment of Executive Director Michael Simmons to the role of Chief Executive Enterprise and Wholesale Australia. Shares in Vocus are trading up 1.4 per cent at $4.35.
Best and worst performersThe best performing sector is Energy, gaining 1.2 per cent to 9,220. Shares in Whitehaven Coal
(ASX:WHC) have risen 2.63 per cent and trading at $2.93. Shares in Origin Energy
(ASX:ORG) and Santos
(ASX:STO) are also stronger.
The sector with the least gains is Utilities which is flat at 8,569. Shares in Spark Infrastructure
(ASX:SPK) have fallen 0.83 per cent, trading at $2.40. Shares in Duet Group
(ASX:DUE) and Infigen Energy
(ASX:IFN) are also lower.
Gold and the dollarGold is trading at $US1,251 an ounce and the Australian dollar is buying $US0.7649.
