Banks break higher: Aus shares up 0.82% at noon

Market Reports

by Carolyn Herbert

It has been a positive start to the Australian trading session this Wednesday, despite a somewhat fragmented trading week given the ANZAC day public holiday yesterday. Buyers returned this morning with gusto, driving the market 0.82 per cent higher at noon. While all sectors are tracking higher, Financials are leading the charge with some solid gains in all of the big four banks. We’ve also seen some decent buying in the Energy and Telcos spaces.

The S&P/ASX 200 index is 48 points up at 5,920. On the futures market the SPI is 28 points higher.

Asian markets

Japan’s Nikkei is 0.55 per cent higher, Hong Kong’s Hang Seng has added 0.43 per cent and the Shanghai Composite has gained 0.15 per cent.

Economic news

The Australian Bureau of Statistics has reported that the Consumer Price Index (CPI) rose 0.5 per cent in the March quarter, the same increase as in the December quarter. The most significant price rises were attributed to petrol and medical and hospital services.

Company news

Independence Group NL (ASX:IGO) has reported a net profit after tax of $12.3 million for the March quarter. This is compared to a net profit of $10.1 million in the previous quarter. However total revenue for the quarter was $83.9 million, down 35 per cent for the quarter due to less zinc concentrate shipments. The copper/gold miner says net cash from operations came in at $23.4 million, up 34 per cent compared to the December quarter. Shares in Independence Group are trading down 6.5 per cent at $3.02.

Ardent Leisure Limited (ASX:AAD) has announced changes to the company’s leadership aimed at transforming the Group into Main Event Entertainment Group, a leading pure play entertainment company. Current CEO Deborah Thomas will transfer to the new role of Chief Customer Officer and Chief Operating Officer and Mr Simon Kelly will become Managing Director and Group CEO. Shares in Ardent Leisure are trading 2.99 per cent higher at $2.07.

Best and worst performers

The best performing sector is Financials, gaining 1.39 per cent to 6,973. Shares in Bendigo Adelaide Bank (ASX:BEN) have risen 3.74 per cent and trading at $12.48. Shares in QBE Insurance (ASX:QBE) and BT Investment (ASX:BTT) are also stronger.

The sector with the least gains is REITs, adding 0.22 per cent to 1,423. Shares in National Storage (ASX:NSR) have fallen 1.33 per cent, trading at $1.48. Shares in Goodman Group (ASX:GMG) and Growthpoint Properties (ASX:GOZ) are also lower.

Commodities and the dollar

Gold is trading at $US1,264 an ounce. 
The Australian dollar is buying $US0.7517.




 

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