Resilient rise: Aus shares 0.11% higher at noon

Market Reports

by Jessica Amir

The Australian share market defiantly rose at the open, shaking off negative leads from Wall Street. Over half of our market is mustering up, with Consumer Staples leading the charge after Woolworths (ASX:WOW) reported a jump in sales in the first quarter.

Some of the energy companies are also benefiting from a rise in the oil price with the likes of Woodside (ASX:WPL) up 1.6 per cent

The S&P/ASX 200 index is 6 points up or tracking 0.11 per cent up at noon to 5,925.

On the futures market the SPI is 9 points higher.

Company news

AusCann (ASX:AC8) says following key licences being granted in Australia for R&D, cultivation and manufacturing, it’s set to be the only Australian fully integrated company in the region to grow and manufacture cannabis medicines. Its Medical Outreach program is also now underway with positive Australian doctor feedback. Shares in AusCann (ASX:AC8) are trading 18.82 per cent higher at $0.51.

Graphite explorer, Syrah Resources (ASX:SYR) is expecting first bagged sale production in November 2017. It’s 2018 production is tipped to be between 160,000 to 180,000 tonnes and while the 2019 calendar year will be between 250,000 to 300,000 tonnes of flake. It also increased its project capital cost to US$210 million from US$205 million. The announcement was part of its Q3 update. Shares in Syrah Resources (ASX:SYR) are trading 0.58 per cent lower at $3.42.

Global Geoscience (ASX:GSC) has doubled its high-grade lithium boron mineral resources from 65 to 137 million tonnes. The mineral explorer and developer’s resource is in Nevada USA.

The best and worst performers 

The best performing sector is consumer staples, gaining 0.85 per cent to 9,762. Shares in Blackmores (ASX:BKL) have risen 2.63 per cent and trading at $162.16. Shares in Woolworths (ASX:WOW) and Asaleo Care (ASX:AHY) are also stronger. 

The worst performing sector is healthcare falling 0.35 per cent to 23,999. Shares in Resmed (ASX:RMD) have fallen 1.78 per cent, trading at $10.78. Shares in Sigma Healthcare (ASX: SIG) and Australian Pharmaceutical Industries (ASX:API) are also lower. 

Commodities and the dollar

Gold is trading at $US1,276 an ounce and one Australian dollar is buying 76.79 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.