The Australian share market has opened slightly higher this morning on the back of solid Wall Street leads, but seems to be lacking conviction in the first two hours of trade and is tracking just 0.15 per cent higher at noon. Sectors are mostly higher this session, with Industrials leading the charge followed by Telcos. These gains however are being offset by losses in Utilities and softness in REITS.
The S&P/ASX 200 index is 9 points up at 5,769. On the futures market the SPI is 5 points higher.
Asian marketsChecking in with how Asian markets are tracking now, Japan’s Nikkei has added 0.5 per cent, Hong Kong’s Hang Seng has lost 0.3 per cent and the Shanghai Composite has lost 1 per cent.
Economic newsConstruction work in Australia has fallen for the March quarter of 2017 according to latest figures from the Australian Bureau of Statistics. The seasonally adjusted estimate for total construction work done fell 0.7% to $46.4 billion in the March quarter.
Company newsFonterra Co-operative Group
(ASX:FSF) has increased its 2016/17 Farmgate Milk Price by 15 cents to $6.15 per kilo of milk solids. The company says the increase reflects the strong fundamentals supporting world dairy price rises in recent months. The New Zealand milk distributor has confirmed its forecast earnings per share of 45 to 55 cents for 2017. Shares in Fonterra last traded at $5.73.
SurfStitch Limited
(ASX:SRF) has gone into a trading halt pending the release of an announcement which relates to a class action against it. It was just yesterday that the embattled surf-wear retailer dismissed media reports that it was being taken to court. The company has confirmed it has received a Statement of Claim and the trading halt is necessary for it to consider its legal response. The trading halt will remain in place until Friday at the latest. Shares in SurfStitch last traded at $0.068.
Best and worst performersThe best performing sector is Industrials, gaining 1.3 per cent to 5,762. Shares in ALS Limited
(ASX:ALQ) have risen 11.45 per cent and trading at $6.52. Shares in Cleanaway
(ASX:CWY) and Qube Holdings
(ASX:QUB) are also stronger.
The worst performing sector is Utilities, falling 1.2 per cent to 8,967. Shares in Ausnet Services
(ASX:AST) have fallen 2.97 per cent, trading at $1.72. Shares in AGL Limited
(ASX:AGL) and Spark Infrastructure
(ASX:SPK) are also lower.
Gold and the dollarGold is trading at $US1,252 an ounce and the Australian dollar is buying $US0.7463.
