Boosted by strong offshore leads the Australian share market opened higher on the last day of the financial year. Following debt-laden Greece approving austerity measures to combat falling into default, improved sentiment has lifted the local bourse 0.8 percent higher at noon, with most sectors making gains.
The S&P/ASX200 index has added 26 points to 4,556 at noon. On the futures market the SPI is 25 points higher.
Economic news
Australian capital city house prices have continued to slump this year, that is according to RP Data-Rismark who have reported home prices fell 0.3 per cent in the month of May, 1.2 per cent in the three month to the end of May and 2.3 per cent from a year earlier. The figures were collected from more than 110,000 house sales across Australia.
Company news
Shares in Lynas Corporation Ltd (ASX:LYC) have been placed in a trading halt, the company says pending an announcement concerning the review of its proposed plant in Malaysia. The rare earths refinery currently under construction has been the target of protests due to concerns the plant will produce radioactive waste. Lynas said in May that an investigation was being conducted by United Nations nuclear experts. Shares in Lynas Corporation last traded at $1.98.
Shares in Minara Resources Ltd (ASX:MRE) have fallen after the nickel miner revealed the failure of a heat exchanger has resulted in reduced production at its nickel processing plant. The company says it is currently assessing the impact of the heat exchanger failure which has meant the acid plant has been taken offline. In April Minara said it was targeting up to 37,000 tonnes of annual nickel production this year. Shares in Minara Resources have fallen 4.03 per cent at noon and are trading at $0.715.
Sectors
The best performing sector is Health Care, advancing 146 points to 8,522. Shares in Mesoblast have gained 4.36 per cent and trading at $8.62. Shares in Ansell and CSL are both stronger at noon. The only sector in the red is Real Estate Investment Trusts easing 2 points to 836. Shares in Charter Hall Office have dropped 0.88 per cent and trading at $3.36. Shares in Mirvac Group and Westfield Group are also weaker at noon.
New Zealand
The NZSX50 is 11 points higher at noon. Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock steady at $2.425, followed by Fletcher Building, Westpac and ANZ.
Gold and the dollar
Gold is trading at $US1,511 an ounce and the Australian dollar is buying $US1.0705 cents.
