Tentative turnaround: Aus shares 0.29% higher at noon

Market Reports

by Carolyn Herbert

The Australian share market has defied a weak lead from Wall Street, bouncing at the open and remaining in the black in the first two hours of trade, tracking 0.29 per cent higher at noon. Telcos are once again leading the charge this session, with the likes of heavy-weight Telstra (ASX:TLS) gaining another 2 per cent. REITs and Financials are also making some solid gains, with the big four banks jumping between 0.5 and 1 per cent.

The S&P/ASX 200 index is 16 points up at 5,820. On the futures market the SPI is 6 points higher.

Asian markets

Japan’s Nikkei is 0.29 per cent higher, Hong Kong’s Hang Seng has added 0.3 per cent and the Shanghai Composite is 0.12 per cent higher.

Company news

St Barbara Limited (ASX:SBM) says consolidated gold production for the March quarter was 95,346 ounces, a slight decline on the December quarter’s 98,982 ounces. The gold miner is now debt free and has cash at bank of $99 million. Guidance for both the Gwalia and Simberi projects have been revised upwards. Shares in St Barbara are trading down 2.47 per cent at $2.76.

Shaver Shop Group Limited (ASX:SSG) has provided a trading update for its third quarter ended 31 March 2017. Following a weak start to the quarter, sales rebounded in March leading to positive same store sales growth for the third quarter. On a year to date basis like for like sales for the nine months ended 31 March 2017 were up 1.3 per cent. FY17 EBITDA is now expected to be in the range of $13.7 million to $15 million. Shares in Shaver Shop are trading up 11.67 per cent at $0.67.

Best and worst performers

The best performing sector is Telcos, gaining 1.91 per cent to 1,484. Shares in Telstra (ASX:TLS) have risen 2.06 per cent and trading at $4.21. Shares in TPG Telecom (ASX:TPM) and Spark NZ (ASX:SPK) are also stronger.

The worst performing sector is Energy, falling 1.09 per cent to 9,208. Shares in Beach Energy (ASX:BPT) have fallen 3.74 per cent, trading at $0.71. Shares in Santos (ASX:STO) and Whitehaven Coal (ASX:WHC) are also lower.

Gold and the dollar

Gold is trading at $US1,280 an ounce and the Australian dollar is buying $US0.7504.


Carolyn Herbert

Finance News Network
Carolyn joined FNN in August 2015 as the Head of News and also presented the Market at Midday and the Market Wrap. With more than five years of broadcast journalism experience, Carolyn has worked as a finance anchor on the Sky News Business channel and as an anchor and reporter for ABC News. She is also a qualified corporate lawyer specialising in IPOs, takeovers and mergers and acquisitions.