Despite a disappointing start to the trading day, the Australian share market has rebounded at lunchtime and is now tracking 0.25 per cent higher at noon. Most sectors are in the black so far, with Utilities leading the gains, followed by some buying in Energy and Utilities. Telcos are faring the worst this session down around 0.4 per cent, along with Consumer Staples which are tracking slightly lower.
The S&P/ASX 200 index is 15 points up at 5,784. On the futures market the SPI is 18 points higher.
Asian marketsChecking in with how Asian markets are tracking now, Japan’s Nikkei has added 0.7 per cent, Hong Kong’s Hang Seng has added 0.1 per cent and the Shanghai Composite has gained 0.1 per cent.
Company newsQBE Insurance Limited
(ASX:QBE) has announced the appointment of Michael Ford as Chief Financial Officer of the insurance group. Mr Ford is currently serving as Deputy Chief Financial Officer at the Commonwealth Bank
(ASX:CBA). He will join QBE in September 2017 and at that time Pat Regan will step down from the CFO role and focus on his role of CEO of Australian and New Zealand operations. Shares in QBE Insurance are trading down 0.31 per cent at $12.97.
Galaxy Resources Limited
(ASX:GXY) says its Mt Cattlin lithium operations continue to improve over a number of parameters including concentrate grade and production throughput. The lithium producer says final 2016 contract shipments averaged 5.82 per cent Lithium Oxide grade. The next shipment of spodumene ore is due for the start of June. Shares in Galaxy Resources are trading down 0.43 per cent at $2.33.
Best and worst performersThe best performing sector is Utilities, gaining 0.9 per cent to 9,092. Shares in AGL Energy Limited
(ASX:AGL) have risen 1.69 per cent and trading at $27.05. Shares in Spark Infrastructure
(ASX:SKI) and APA Group
(ASX:APA) are also stronger.
The worst performing sector is Telcos, falling 0.55 per cent to 1,562. Shares in Telstra
(ASX:TLS) have fallen 0.78 per cent, trading at $4.46. Shares in Chorus
(ASX:CNU) and Spark NZ
(ASX:SPK) are also lower.
Gold and the dollarGold is trading at $US1,258 an ounce and the Australian dollar is buying $US0.75.
