Following record leads on Wall street and a rally in the iron ore price, the Australian share market shot up at the open and has been pushing higher in the first two hours of trade, with gains in materials and financials taking the cake.
Half of the sectors are trading in the black, paving the way for our third straight day of gains with Syrah Resources
(ASX:SYR) chiming up almost 4 per cent after it announced a rebound into positive net cash flows of $5.1 million for the interim 30 June 2017 financial year, compared to a loss in the prior corresponding period.
The mining giants like Rio
(ASX:RIO), BHP
(ASX:BHP) are also trading about 1.5 per cent higher on the back of the iron ore price lift.
Telstra
(ASX:TLS) meantime is copping the brunt of the selling and leading Telcos lower.
The S&P/ASX 200 index is 25 points up or 0.45 per cent higher at 5,771.
On the futures market the SPI is 31 points higher.
Asian markets Japan’s Nikkei has added 0.45 per cent, Hong Kong’s Hang Seng has lost 0.6 per cent and the Shanghai Composite has shed 0.1 per cent.
Company newsNewcrest Mining
(ASX:NCM) has re-commenced production at part of it NSW Cadia mine after undertaking remediation and upgrade works at its East Panel Cave 1. After the gold miner upgraded its crusher chamber in line with its ‘safe and sustainable operations’, it extracted ore from two construction drivers. Newcrest Mining is also undertaking remediation and upgrade works at the extraction level, at the same underground area. That will be completed in December this year. Shares in Newcrest Mining
(ASX:NCM) are trading 0.88 per cent higher at $22.41.
Artemis Resources
(ASX:ARV) has repaid a US$2 million convertible note 11 months earlier than anticipated. The exploration and development company used the funds to buy the Radio Hill mine and a treatment plant, which is south of Karratha. Artemis Resources issued almost 6 million shares [5,987,503] to pay down the convertible note. Shares in Artemis Resources
(ASX:ARV) are trading 11.63 per cent higher at $0.24.
The best and worst performersThe best performing sector is Materials, gaining 1.04 per cent to 10,761. Shares in Syrah Resources Limited
(ASX:SYR) have risen 3.81 per cent and trading at $3.81. Shares in Saracen Mineral Holdings
(ASX:SAR) and St Barbara
(ASX:SBM) are also stronger.
The worst performing sector is Telcos, falling 1.19 per cent to 1,280. Shares in Telstra Corporation
(ASX:TLS) have fallen 1.36 per cent, trading at $3.64. Shares in Tpg Telecom
(ASX:TPM) are lower while, Chorus Limited
(ASX:CNU) is flat.
Commodities and the dollarGold is trading at $US1,332 an ounce and one Australian dollar is buying 80.33 US cents.
