On the rebound: Aus shares 0.56% higher at noon

Market Reports

by Carolyn Herbert

It has been a strong start to the trading session for the Australian share market, despite a lack-lustre lead from Wall Street on Friday. The local bourse jumped at the open and is now nosing the 5900 level, tracking 0.56 per cent higher at noon. It’s a sea of green across most sectors today, but it is Utilities that are leading the charge, followed by Energy and the Financials sector. Health Care is at the back of the pack and is currently tracking slightly lower.

The S&P/ASX 200 index is 33 points up at 5,895. On the futures market the SPI is 30 points higher.

Checking in with how Asian markets are tracking now, Japan’s Nikkei is 0.57 per cent higher, Hong Kong’s Hang Seng is down 0.1 per cent and the Shanghai Composite is practically flat.

Economic news

The Australian Bureau of Statistics has reported that investment housing commitments fell 5.9 per cent for the month of February, seasonally adjusted. However the number of finance commitments for the construction of dwellings for owner occupation rose 1.7 per cent for the same month.

Company news

Mesoblast Limited (ASX:MSB) has announced that the Phase 3 trial of its precursor cell product in patients with moderate to advanced heart failure was successful in interim analysis. It’s expected that the trial will enrol around 600 patients in total. The stem cell company says it is pleased with the results as there is an urgent need to develop a safe and effective therapy that can halt the disease progression. Shares in Mesoblast are trading up 5.76 per cent at $2.57.

CIMIC Group (ASX:CIM) company, Leighton Asia, has been selected by IKEA to construct its first retail outlet in Hyderabad in India. The contract will generate revenue of around $70.4 million for Leighton Asia and will include the delivery of civil and structural works, as well as other mechanical and external works. Completion is targeted for early next year. Shares in CIMIC Group are trading up 0.97 per cent at $36.59.

Best and worst performers

The best performing sector is Utilities, gaining 1.03 per cent to 8,942. Shares in AGL Limited (ASX:AGL) have risen 2.79 per cent and trading at $28.38. Shares in Ausnet Services (ASX:AST) and Spark Infrastructure (ASX:SKI) are also stronger.

The worst performing sector is Health care, falling 0.04 per cent to 22,742. Shares in Regis Healthcare (ASX:REG) have fallen 1.09 per cent, trading at $4.53. Shares in Estia Health (ASX:EHE) and Cochlear (ASX:COH) are also lower.

IPOs

Moelis Australia Limited (ASX:MOE) started trading today. The financial services company floated with an issue price of $2.35, opened at $2.80 and is currently trading at $2.90.

Gold and the dollar

Gold is trading at $US1,253 an ounce and the Australian dollar is buying $US0.7493.



 

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