The Australian share market touched 10-year high territory today within the first 30 minutes of trade and now tracking 1 per cent higher at noon. Most of the sectors are seeing a rally today with the Information Technology sector leading the charge, follows by Healthcare which are both over 2 per cent higher. Wisetech Global (ASX:WTC) saw a rise today as did Domain Holdings (ASX:DHG) and Altium (ASX:ALU). New Hope Corp (ASX:NHC) saw a decline though as did Northern Star Resources (ASX:NST). The S&P/ASX 200 index is 65 points up at 6384. On the futures market the SPI is 60 points higher.
Local economic news
Australia’s headline inflationary rate remained steady in the first quarter, missing expectations it would slightly rise. It follows on from a lift of 0.5 per cent in the December quarter 2018.
However, over the year, the consumer price index (CPI) index grew 1.3 per cent, less than the consensus expectation of a 1.5 per cent rise. It follows the 1.8 per cent reading, over the year to the December quarter.
Private toll road developer and operator, Atlas Arteria (ASX:ALX) formerly known as Macquarie Atlas Roads has reported a 2.3 per cent rise in toll revenue in the first quarter of 2019, compared to the same time last year. It comes despite its total weighted average traffic volumes remaining unchanged in the quarter, when also compared to the same time last year. Year-to-date Atlas Arteria (ASX:ALX) shares are trading 14.9 per cent higher, just underperforming rival toll road operator TCL (ASX:TCL) shares which have gained 15.8 per cent year. Today Atlas Arteria (ASX:ALX) shares are 1.6 per cent higher at $7.22 at noon.
Infratil (ASX:IFT) Chairman, Mark Tume, today announced the appointment of Catherine Savage to the Infratil Board. She is currently the Chair of the Guardians of New Zealand Superannuation and was previously Chairperson of the National Provident Fund. Catherine is currently the MD of the Savage Group and earlier led AMP Capital in New Zealand. Her appointment is effective from 1 August 2019. Shares in Infratil (ASX:IFT) last traded at $4.10.
Best and worst performers
The best performing sector is Information Technology adding 2.1 per cent, while the worst performing sector is Materials, shedding 0.1 per cent.
The best performing stock in the S&P/ASX 200 is Altium (ASX:ALU), rising 4.3 per cent to $34.51, followed by shares in Emeco Holdings (ASX:EHL) and Domain Holdings Australia (ASX:DHG).
The worst performing stock in the S&P/ASX 200 is New Hope Corporation (ASX:NHC), dropping 3.5 per cent to $2.78, followed by shares in Independence Group (ASX:IGO) and Northern Star Resources (ASX:NST).
Japan’s Nikkei has added 0.3 per cent, Hong Kong’s Hang Seng has added 0.1 per cent and the Shanghai Composite has lost 0.1 per cent.
Commodities and the dollar
Gold is trading at $US1,271 an ounce.
Iron ore price rose 0.1 per cent to US$94.53
Iron ore futures are pointing to a fall of 0.3 per cent.
One Australian dollar is buying 70.40 US cents.