Despite expectations for a soft start the Australian share market lifted at open and is now back to where it started. The S&P/ASX 200 index is 13 points up at 4,298. On the futures market the SPI is 15 points higher.
Economic news
The Australian Bureau of Statistics (ABS) has released housing finance figures for March, beating expectations for the month. The ABS shows home loans increased 0.3 per cent to 46,275, slightly higher to the month before.
Company news
BHP Billiton Limited (ASX:BHP) has appointed Pat Davies to its board as an independent non-executive director effective from next month. Mr Davies was the former head of global chemicals and energy company Sasol and has broad mining and alternative energy experience. BHP now has 12 non-executive directors on its board.Shares in BHP are trading up 0.67 per cent at $34.60.
National Australia Bank Limited (ASX:NAB) says it will raise about $500 million by issuing subordinated notes to investors. NAB’s executive director of finance Mark Joiner says, ''The offer provides investors with the option of a simple, attractive, yield-based subordinated debt investment in a major bank.” Shares in NAB are trading up1.02 per cent at $24.80.
Best and worst performers
The best performing sector is Telco Services gaining 8 points to 1,245. Shares in Telstra Corporation Limited (ASX:TLS) have risen 0.69 per cent and trading at $3.63. Shares in TPG Telecom and SingTel are also stronger.
The sector with the fewest gains is Financials excluding Real Estate Investment Trusts, ganing 6 points to 4,818. Shares in Westpac Banking Corporation (ASX:WBC) have fallen 3.04 per cent, the stock trading ex-dividend today. Westpac is trading at $22.03. Shares in Bendigo and Adelaide Bank and Challenger are also lower.
Gold and the dollar
Gold is trading at $US1,582 an ounce and the Australian dollar is almost at parity with the greenback at $US1.003.
