Following mostly red leads on Wall Street on Friday in the wake of another US Hurricane, the Australian share market strongly defied the odds and rose higher. It’s been a stellar run in the first two hours of trade today, with most of the gains coming from financials with the likes of Macquarie Group
(ASX:MQG) rising about 2.6 per cent after it announced stronger fees in the first half, while CBA
(ASX:CBA) shares also bounced back.
All of the sectors are in the green, except materials with the likes of Newcrest Mining
(ASX:NCM) and BHP
(ASX:BHP) trading over 2.2 per cent lower with Gold retreating from its 1 year high.
The S&P/ASX 200 index is 37 points up or 0.66 per cent at 5,710.
On the futures market the SPI is 38 points higher.
Asian markets Japan’s Nikkei has added 1.37 per cent, Hong Kong’s Hang Seng has risen 0.82 per cent and the Shanghai Composite has added 0.17 per cent.
Company news: Macquarie Group Limited
(ASX:MQG) says on the back of stronger performance and fees, the first half of 2018 will be better than the prior corresponding period. However it’s expecting its FY18 results to be broadly in line with the FY17. The investment group says over the medium term, it’s positioned to benefit from superior performance, while its continued cost initiatives and balance sheet remains stable and conservative. Shares in Macquarie Group Limited (ASX: MQG) are trading 2.6 per cent higher top $84.85.
Origin Energy
(ASX:ORG) has entered into an agreement to pay Benaris $190 million to increase Lattice Energy’s interest in the Otway Gas Project JV to 95 per cent. Lattice Energy will then own 100 per cent of the exploration JVs. Origin’s boos will enable Lattice Energy to buy Benaris’ 27.7 per cent stake in the project. Shares in Origin Energy
(ASX:ORG) are trading 1.1 per cent higher $7.83.
The best and worst performersThe best performing sector is Financials, gaining 1.36 per cent to 6,276. Shares in Macquarie Group
(ASX:MGQ) have risen trading 2.6 per cent, trading at $84.85. Shares in Perpetual Limited
(ASX:PPT) and CYBG
(ASX:CYB) are also stronger.
The worst performing sector is Materials, falling 1.12 per cent to 10,539. Shares in Sandfire Resources
(ASX:SFR) have fallen 3.42 per cent, trading at $6.22. Shares in Independence Group
(ASX:IGO) and Newcrest Mining
(ASX:NCM) are also lower.
Commodities and the dollarGold is trading at $US1,337 an ounce and one Australian dollar is buying 80.43 US cents.
