It has been a positive start to the trading week for the Australian share market, following stellar leads from Wall Street on Friday. The local bourse jumped at the open and has tracked sideways in the first two hours of trade, moving 0.48 per cent higher at noon. The Materials and Energy sectors are the star performers so far this session, with the likes of BHP Billiton
(ASX:BHP) and Rio Tinto
(ASX:RIO) gaining more than 2 per cent. Offsetting these gains are losses in the Telcos space, with Telstra
(ASX:TLS) losing around 1.3 per cent.
The S&P/ASX 200 index is 28 points up at 5,865. On the futures market the SPI is 44 points higher.
Checking in with how Asian markets are tracking now, Japan’s Nikkei has added 1.7 per cent, Hong Kong’s Hang Seng is up 0.25 per cent and the Shanghai Composite has lost 0.5 per cent.
Economic newsAccording to latest figures from the Australian Bureau of Statistics dwelling approvals decreased by 13.4 per cent in March seasonally adjusted. This was driven by a fall in total dwellings excluding houses of 22.0 per cent and total house approvals falling 5 per cent.
Company newsSpotless Group Holdings Limited
(ASX:SPO) has continued to recommend that its shareholders reject Downer EDI’s offer for an off-market takeover. The offer terms are currently finalised at $1.15 per share in absence of a superior proposal. Spotless says the offer does not represent adequate value for Spotless shareholders and it remains confident of the fundamentals of Spotless’ core business.
Shares in Spotless Group are trading up 0.23 per cent at $1.10.
Vocus Group
(ASX:VOC) has responded to an ASX aware query, relating to its FY17 guidance which caused its shares to plummet more than 25 per cent last week. The telco giant stated that revenue for FY17 would come in at $1.8 billion, instead of $1.9 billion as originally forecast. Vocus says it has complied with the ASX Listing Rules and immediately announced the revised guidance to the market, as soon as it was aware. Shares in Vocus Communications are trading up 3.8 per cent at $2.46.
Best and worst performersThe best performing sector is Energy, gaining 1.9 per cent to 9,340. Shares in Worley Parsons
(ASX:WOR) have risen 4.14 per cent and trading at $11.08. Shares in Whitehaven Coal
(ASX:WHC) and Origin Energy
(ASX:ORG) are also stronger.
The worst performing sector is Telcos, falling 1.1 per cent to 1,508. Shares in Telstra
(ASX:TLS) have fallen 1.36 per cent, trading at $4.34. Shares in Chorus
(ASX:CNU) and TPG Telecom
(ASX:TPM) are higher.
Commodities and the dollarGold is trading at $US1,232 an ounce
The Australian dollar is buying $US0.7392.
