The Australian share market jumped almost 1 per cent at open and has remained at session highs following strong offshore leads. Healthcare stocks are trading strong while utilities are dragging.
The S&P/ASX 200 index is 38 points up at 4,530. On the futures market the SPI is 33 points higher.
Economic news
The Westpac -Melbourne Institute leading Indexes of Economic Activity rose to three per cent in August, above its long term trend of 2.7 per cent for the first time in 12 months.
Company news
CSL Limited (ASX:CSL) has re-affirmed its guidance for a 12 per cent full year profit growth after meeting its expectations in the first quarter. CEO John Shine says the company is trading consistently with its broad portfolio of products, product development and geographic reach ensuring that it remains well positioned.
The pharmaceutical manufacturer also expects to achieve revenue growth of 10 per cent in the current financial year, and plans a further on market share buyback of up to $900 million. Shares in CSL are trading up 2.37 per cent at $47.85.
Ten Network Holdings Limited (ASX:TEN) shares have hit an all time low after it received formal notice terminating its agreement to sell its outdoor advertising business Eye Corp. Outdoor Media Operations, owned by Champ private equity, has issued the termination notice for the $145 million sale following its concerns about Eye Corp’s financial performance. Ten says it remains in discussions with an aim of agreeing to amended sale terms. Shares in Ten Network are trading down 7.46 per cent at $0.31.
Best and worst performers
The best performing sector is Health care gaining 149 points to 10,843. Shares in CSL Limited (ASX:CSL) have risen 2.37 per cent and trading at $47.85 as we saw earlier. Shares in ResMed Inc. (ASX:RMD) and Ansell Limited (ASX:ANN) are also performing stronger so far today.
The worst performing sector is Utilities, falling 14 points to 5,042. Shares in SP AusNet (ASX:SPN) have fallen 0.93 per cent, trading at $1.07. Shares in APA Group (ASX:APA) and Spark Infrastructure Group (ASX:SKI) are also lower at noon.
Gold and the dollar
Gold is trading at $US1,751 an ounce and the Australian dollar is buying $US1.031.
