The Australian market has risen higher in morning trade thanks to a rally on Wall Street. Analysts have dubbed it a bungee cord market, having jumped off the bridge, we’re still bouncing around.
The S&P/ASX200 index has advanced 63 points and is 4,204 at noon. On the futures market the SPI is 70 points stronger.
Company news
Westfield Group (ASX:WDC) launches into Milan, one of the world’s fashion capitals, purchasing half a stake in a major development site. The land already has planning approval to develop a shopping centre similar to Westfield London. The cost of the Italian development is still under wraps. Just a few days ago Westfield said it was investing $440 million in shopping centres in Brazil. Shares in Westfield Group have risen 0.53 per cent and are trading at $7.60.
oOh!media Group Limited (ASX:OOH) has announced a record first half thanks to growth in all areas of the business including big billboards, particularly in regional areas and retail advertising. The outdoor media company announced a net profit after tax of $3.5 million, that’s up 36 per cent. Shares in oOh!media are flat, trading at $0.19.
Best and worst performers
All sectors have bounced back into the black. The best performing sector is Health Care, advancing 207 points to 7,744. Shares in Sonic Healthcare Limited have risen 2.95 per cent and trading at $11.53. Shares in Ramsay Health Care Limited and Ansell Limited have also gained.
The sector with the smallest gains is Consumer Staples rising 53 points to 7,252. Shares in Coca-Cola Amatil Limited have retreated 1.08 per cent and are trading at $11.03. Shares in Foster's Group Limited fell and Goodman Fielder Limited’s flat.
New Zealand
The NZSX50 has lifted 18 points.
Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock up 1.07 per cent at $7.59 followed by Telecom Corporation of New Zealand, Auckland International Airport and Westpac.
Gold and the dollar
Gold is trading at $US1,759 an ounce and the Australian dollar is buying $US1.0312 cents.
