After US stocks bounced back on Wall Street, the Australian share market has been performing well today and is now tracking 0.26 per cent down at noon, with most the sectors flexing their muscles.
Telstra is leading the Telcos space higher, while the energy space is also mustering up with the post-Hurricane Harvey rally continuing to support US crude prices.
Meantime, only two sectors are dipping their toes in the red with the likes of Consumer Staples and healthcare trading lower. It comes as Woolworths
(ASX:WOW) and NIB Holdings
(ASX:NHF) are going ex-dividend today, in other words declaring dividends will be paid.
Also putting a cap of gains is some weaker than expected economic news.
The S&P/ASX 200 index is 15 points up at 5,705.
On the futures market the SPI is 23 points higher.
Asian marketsJapan’s Nikkei has added 0.51 per cent, Hong Kong’s Hang Seng has gained 0.46 per cent and the Shanghai Composite has lost 0.24 per cent.
Local economic news The ABS reported International trade for July, including exports and imports, fell to a surplus of $768 million, less than the $900 million surplus expected. It was a $250 million drop on June’s surplus.
Retail turnover for July, rose 0.3 per cent, in trend terms and as expected. It was also slightly less than June’s 0.4 per cent gain in trend terms.
Company newsSantos
(ASX:STO) and its GLNG joint venture partners will supply 30 petajoules (pj) of gas to the east coast domestic market over 2018 and 2019, instead of exporting the gas. It follows talks that have been taking place with the Australian Government over the past few months. 30 pjs of gas are enough to supply 330,000 homes with power over the two years. Shares in Santos
(ASX:STO) are trading 0.77 per cent higher at $3.93.
Independence Group
(ASX:IGO) has advised its Lake Mackay Joint Venture with ABM Resources inked a exploration agreement with the Central Land Council. The companies say it’s a major step for all stakeholders as field activities will be able to commence once tenements are granted and sacred site clearances have been completed. The Central Land Council represents the Traditional Owners of land. Shares in Independence Group
(ASX:IGO) are 1.03 per cent higher at $3.92.
Best and worst performersThe best performing sector is Telcos, gaining 2.38 per cent to 1,307. Shares in Telstra Corporation Limited
(ASX:TLS) have risen 2.62 per cent and trading at $3.71. Shares in Vocus Group Limited
(ASX:VOC) and TPG Telecom
(ASX:TPM) are also stronger.
The worst performing sector is Healthcare, falling 0.57 per cent to 22,483. Shares in CSL
(ASX:CSL) have fallen 1.02 per cent, trading at $130.93. Shares in Ramsay Health Care
(ASX:RHC) and Healthscope
(ASX:HSO) are also lower.
Commodities and the dollarGold is trading at $US1,334 an ounce and one Australian dollar is buying 79.96 US cents.
