Defying soft leads: Aus shares 0.1% higher at noon

Market Reports

by Jessica Amir

The Australian share market is on track for its second positive day of trade this week, tracking about 0.1 per cent higher at noon. The local bourse dipped at the open following soft leads on Wall Street. But we shook off the weak sentiment, with most of the market trading higher at noon. 

Utilities are the sector leading the charge, while financial services company, Amp (ASX:AMP) is propping up the market, rising over 3.5 per cent. The energy space is the worst performing sector dipping its toes in the red, despite the oil price erasing some of yesterday’s losses.

The S&P/ASX 200 index is 3 points up at 5,742. On the futures market the SPI is 8 points higher.

Asian markets

Japan’s Nikkei has added 0.22 per cent, Hong Kong’s Hang Seng has lost 0.46 per cent and the Shanghai Composite has gained 0.76 per cent.

Company news

Video marketing company, Big Un Limited (ASX:BIG) says it's expecting a 60 per cent rise in its cash revenues for the first quarter of this financial year. Big Un is expecting $14.99 million in cash revenues, which is 488 per cent higher than the prior quarter. Shares in Big Un Limited (ASX:BIG) are trading about 4 per cent higher at $1.80

Gold producer, Ramelius Resources (ASX:RMS) has exceeded its production guidance for the September 2017 quarter at its WA operations. The company was expecting between 28,000 and 32,000 ounces of gold but produced 33,150 ounces. Shares in Ramelius Resources (ASX:RMS) are 1.3 per cent higher at $0.40.

Mineral exploration company, Latin Resources (ASX:LRS) is planning to raise about $1.5 million in a placement to sophisticated and professional investors. The company plans to use the funds raised to fund further exploration work on lithium targets it has identified in Argentina. It will also use the funds to maintain its Peruvian mineral properties.

Best and worst performers

To the best and worst performers: The best performing sector is Utilites, gaining 0.3 per cent to 7,884. Shares in APA Group (ASX:APA) have risen 0.8 per cent and trading at $8.19. Shares in Ausnet Services (ASX:AST) are higher and Spark Infrastructure Group (ASX:SKI) are flat. 

The worst performing sector is Energy, falling 0.28 per cent to 9,191. Shares in Beach Energy (ASX:BPT) have fallen 1.49 per cent, trading at $0.83. Shares in Oil Search Limited (ASX:OSH) and Woodside Petroleum (ASX:WPL) are also lower. 

Gold and the dollar

Gold is trading at $US1,285 an ounce and one Australian dollar is buying 77.79 US cents. 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.