The Australian share market rallied at open buoyed by positive US leads, after promising reports on durable goods and house sales were released overnight. The ASX continues to trade in positive territory and is 0.4 per cent higher.
The S&P/ASX 200 index is 26 points up at 4,069. On the futures market the SPI is 17 points higher.
Company news
Shares in News Corp (ASX:NWS) continue to rally today as news reports suggest the board has approved its plan to separate the media company into two entities. A formal announcement is expected later today. Some analysts have said this week the split could boost returns for News Corp shareholders by more than 30 per cent. Shares in News Corp jumped 3.49 per cent at $22.25.
Leighton Holdings Limited (ASX:LEI) is one step closer to finalising its airport link project in Brisbane. The construction company says the project is subject to final inspections and expects to open the road shortly after the July 27. The road was scheduled for completion this week. Leighton’s chief says it has made adequate allowances for the project being delayed beyond the 30 June and will not impact its profit guidance for the year. Shares in Leighton are trading down 0.68 per cent at $16.09.
Best and worst performers
The best performing sector is Consumer Discretionary gaining 16 points to 1,228. Shares in News Corp (ASX:NWS) have risen 3.49 per cent and trading at $22.25. Shares in Tatts Group and Tabcorp Holdings are also stronger.
The worst performing sector is Energy, falling 65 points to 11,860. Shares in Santos Limited (ASX:STO) have fallen 5.25 per cent, trading at $10.46. Shares in Whitehaven Coal is steady whilst Oil Search is slightly higher.
Gold and the dollar
Gold is trading at $US1,577 an ounce and the Australian dollar is buying $US1.011.
