It has been a positive start to the trading week for the Australian share market, opening higher and gaining some momentum in the first two hours of trade, gaining 0.52 per cent at noon. There is a sea of green across the screen today but its Utilities that are leading the charge followed by gains in Financials, namely all of the big four banks. Consumer Staples is the only sector in negative territory so far this session with Woolworths (ASX:WOW) down around 3 per cent and Blackmores (ASX:BKL) losing 2 per cent.
The S&P/ASX 200 index is 30 points up at 5,804. On the futures market the SPI is 38 points higher.
Checking in with how Asian markets are tracking now, Japan’s Nikkei has added 0.6 per cent, Hong Kong’s Hang Seng has added 0.85 per cent and the Shanghai Composite has gained 0.5 per cent.
Pilbara Minerals Limited (ASX:PLS) has announced it has successfully raised $80 million in a heavily oversubscribed placement. The funds will be put towards the development of the 100 per cent owned Pilgangoora Lithium-Tantalum Project in Western Australia and paves the way for a final investment decision. The lithium explorer will also undertake a share purchase plan in July to raise a further $15 million. Shares in Pilbara Minerals are flat at $0.38.
ResApp Health Limited (ASX:RAP) has completed enrolment in its SMARTCOUGH-C study which investigates the diagnosis of respiratory disease in infants and children using cough sounds. The company develops smart phone applications for the diagnosis and management of respiratory disease, where the patient coughs into the phone. More than 1200 patients have been enrolled across three participating hospitals in the United States. Shares in ResApp are trading up 1.61 per cent at $0.32.
Best and worst performers
The best performing sector is Utilities, gaining 1.5 per cent to 9,063. Shares in AGL Energy (ASX:AGL) have risen 1.88 per cent and trading at $26.03. Shares in APA Group (ASX:APA) and Spark Infrastructure (ASX:SPK) are also stronger.
The worst performing sector is Consumer Staples, falling 0.9 per cent to 9,152. Shares in Woolworths (ASX:WOW) have fallen 3.07 per cent, trading at $25.45. Shares in Metcash (ASX:MTS) and Blackmores (ASX:BKL) are also lower.
Commodities and the dollar
Gold is trading at $US1,253 an ounce and the Australian dollar is buying $US0.7625.