The Australian share market has recovered from its subdued start, with a suite of company announcements putting a cap on gains.
Some miners are reaping the benefits of a rise in the iron ore price, with the likes of St Barbara (ASX:SBM) charging up almost 10 per cent, while about 75 per cent of our market is also on the rise.
Putting a lid on gains is construction and mining giant, Lendlease (ASX:LLC) after its shares fell almost 9 per cent, after announcing its FY18 results will be impacted by underperformance of its Australian construction business. (It also sold 25 per cent of its Retirement Living business, resulting in a transactional net loss after tax of around $35 million).
Rio (ASX:RIO) is also seeing the most selling out of the big miners today, in the wake of being slapped with fine and complaint for allegedly not disclosing an impairment in 2012 (of its former Mozambique coal assets).
The S&P/ASX 200 index is 13 points up or 0.22 per cent at 5,903.
On the futures market the SPI is 13 points higher.
Mining giant, BHP (ASX:BHP) announced first production from its Los Colorados Expansion project and its Olympic Dam Southern mining area achieved production in in the September quarter. In the US, its operational rig count increased to from five to nine, also in the same period. As a result, BHP is on track to achieving 7 per cent volume growth in the 2018 financial year. It also noted all major projects are on track, while maintaining production and costs guidance for the full financial year. Shares in BHP (ASX:BHP) are trading about 0.4 per cent lower at $27.20.
Pallet and logistics business, Brambles (ASX:BXB) has reported sales revenue of US$1.37 billion in the first three months of the 2018 financial year, which is a 8 per cent gain compared to the prior corresponding period in actual FX rates. The company attributed the growth to CHEP American sales which grew 4 per cent on the back of winning new customer contracts. Brambles also advised it has not been served with any proceedings, contrary to media speculation. Shares in Brambles (ASX:BXB) are trading about 3.6 per cent higher at $9.59.
And the company planning a constellation of 200 nanosatellites, Sky and Space Global (ASX:SAS) has signed a binding agreement with Italian space system company, D-Orit, who will assist with its upcoming SAS launch and deployment. The partnership will allow SAS to maximise its operations and potential revenue. It also follows the unveiling of its next generation of SAS nanosatellites at the International Astronautical Congress. Shares in Sky and Space (ASX:SAS) are trading 3.03 per cent higher at $0.17.
Magellan Global Trust (ASX:MGG) started trading today. The global equity fund floated with an issue price of $1.50, opened at $1.51 and is currently trading at $1.52.
Best and worst performers
The best performing sector is utilites, gaining 1.3 per cent to 8,260. Shares in Agl Energy (ASX:AGL) have risen 2.07 per cent and trading at $24.19. Shares in Ausnet Services (ASX:AST) and APA Group (ASX:APA) are also stronger.
The worst performing sector is telcos, falling 1.1 per cent to 1,244. Shares in Vocus Group (ASX:VOC) have fallen 2.04 per cent, trading at $2.64. Shares in Telstra Corporation (ASX:TLS) and Speedcast International (ASX:SDA) are also lower.
Commodities and the dollar
Gold is trading at $US1,287 an ounce and one Australian dollar is buying 78.44 US cents.