Despite expectations for a fall, the Australian share market opened higher and is trading in positive territory buoyed by an advance in mining stocks.
The S&P/ASX 200 index is 26 points up at 4,055. On the futures market the SPI is 28 points higher.
Company news
Administrators have suspended operations of 44 Hastie Group Limited (ASX:HST) companies. PPB Advisory firm who have been appointed as administrators to the troubled engineering group says, it needs time to assess Hastie Group’s ability to fund trading and remains acutely aware of Hastie Group’s role on major construction projects. The suspension of local operations affects 2700 workers. Hastie revealed $20 million of accounting irregularities and the resignation of two non-executive members of the board on Friday. The company has so far attributed the irregularities to some current and former senior executives. Hastie was placed in a trading halt on 13 April and last traded at $0.16.
Woodside Petroleum Limited (ASX:WPL) says its liquefied natural gas (LNG) plant is operating ahead of its expected capacity according to a presentation to investors. The $14.9 billion Pluto LNG project has increased its production by more than three times for the month. Shares in Woodside are trading up 1.13 per cent at $31.35.
Best and worst performers
The best performing sector is Materials gaining 122 points to 9,724. Shares in Lynas Corporation Limited (ASX:LYC) have risen 7.26 per cent and trading at $0.96. Shares in Atlas Iron and Fortescue Metals are also stronger.
The worst performing sector is Health Care, falling 44 points to 8,923. Shares in ResMed (ASX:RMD) have fallen 1.85 per cent, trading at $3.19. Shares in Acrux and Ramsay Health Care are also lower.
Gold and the dollar
Gold is trading at $US1,576 an ounce.
The Australian dollar is buying $98.45 US cents.
