The Australian share market appears to be clawing back some of yesterday’s losses after it sharply rose at the open, defying negative leads from Wall Street, where selling pressures returned to large US tech stocks.
The ASX 200 rally continued in the first two hours of trade, pushing higher again after 11.30am, with the index now tracking 0.43 up at noon.
Utilities, Reits, Financials and Telcos are leading the recovery this session, with mostly all sectors trading higher.
The only sector bucking the trend is Materials, trading marginally lower after the oil price nears half-year lows.
The S&P/ASX 200 index is 25 points up at 5,788. On the futures market the SPI is 35 points higher.
Asian markets Asian markets are all tracking higher, Japan’s Nikkei has added 0.4 per cent, Hong Kong’s Hang Seng has risen 0.5 per cent and the Shanghai Composite has added 0.02 per cent.
Company newsFollowing a rigorous search, BHP Billiton
(ASX:BHP) has elected Ken MacKenzie as its new Chairman of the Board, with effect from 1 September 2017. The mining giant says Ken MacKenzie will take the lead post, following Jac Nasser’s retirement. Jac Nasser served as Chairman for seven years and Non-executive Director for 11 years, leading BHP through a period of extraordinary changes in the resource industry. Ken MacKenzie has been on the BHP Board as Non-executive Director since September 2016. Ken has been a member of the Board’s Sustainability Committee. The company says he brings extensive global executive experience, after working with Amcor
(ASX:AMC) for 23 years, which included working as MD and CEO for 10 of those years. Shares in BHP Billiton
(ASX:BHP) are trading 0.17 per cent lower at $22.97.
Ardent Leisure Limited’s
(ASX:AAD) largest combined security holders, are requesting four new Board appointments at a general meeting, which the share holders are requesting. Portfolio Services Pty Ltd and Kayaal Pty ltd say if their earmarked four candidates are appointed to board, it would drive value for all investors to 'fix' Ardent Leisure. The companies say they are calling for a general meeting to be held, at their own expense on 4 September 2017, 'after obvious issues have been present at the company for some time'. The owner of Dreamworld and other leisure assets says, in response, it will consider the request and provide views and recommendations to the share holders in due course. Shares in Ardent Leisure Limited
(ASX:AAD) are trading 0.47 per cent higher at $2.13.
The best and worst performersThe best performing sector is Utilites, gaining 0.88 per cent to 8,954. Shares in APA Group
(ASX:APA) have risen 1.31 per cent and trading at $9.63. Shares in AGL Energy Limited
(ASX:AGL) are stronger, while Infigen Energy
(ASX:IFN) is flat.
The worst performing sector is Materials, falling 0.23 per cent to 9,655. Shares in Mineral Resources Limited
(ASX:MIN) have fallen 4 per cent, trading at $10.32. Shares in Sims Metal Management Limited
(ASX:SGM) and Evolution Mining Limited ASX:EVN) are also lower.
Commodities and the dollarGold is trading at $US1,253 an ounce and
The Australian dollar is buying 75.96 US cents.
