The Australian Share Market edged up at open following mixed leads from the US and Europe and is 0.4 per cent higher at noon with health stocks posting some reasonable gains in early trade.
The S&P/ASX 200 index is 18 points up at 4,734. On the futures market the SPI is 12 points higher.
Economic news
The Westpac and Melbourne Institute’s index of consumer sentiment lifted 0.6 per cent to 100.6 in January. It is the third consecutive month the index has come in above 100, indicating consumer optimism regarding the economy.
New motor vehicle sales rose in December according to the Australian Bureau of Statistics. 98,264 new vehicles were sold in the month, an increase of 2.2 per cent on November. New South Wales was the state in which the most new cars were sold, coming in just under 30,000.
Company news
Straits Resources Limited (ASX:SRQ) has partially re-commenced mining activities at its Mt Muro operations in Indonesia, although the eastern end of the site remains suspended due to the issue of a boundary line between the pit and an area of local cultural significance. Straits says it is confident mining in the Eastern end of the site will recommence shortly, after operations were suspended last week following a directive from a provincial governor. Shares in Straits Resources are trading up 2.5 per cent at $0.08.
Australia and New Zealand Banking Group (ASX:ANZ) has reportedly struck a deal with UnionPay, China’s largest payments systems operator, which will allow ANZ customers access to UnionPay networks in the Asia-Pacific. According to Fairfax Media, Union Pay’s ATM and Merchant network represents a significant source of tourism revenue in Australia. Shares in ANZ are trading up 0.47 per cent at $25.39.
Best and worst performers
All sectors are trading up so far today, The best performing sector is Healthcare, gaining 155 points to 11,766. Shares in CSL Limited (ASX:CSL) have risen 1.99 per cent and trading at $53.41. Shares in ResMed (ASX:RMD) and Sigma Pharmaceutical Limited (ASX:SIP) are also stronger.
The sector with the least gains is Materials, gaining 0.2 points to 10,583. Shares in Iluka Resources Limited (ASX:ILU) have fallen 1.84 per cent, trading at $9.33. Shares in Mount Gibson Iron Limited (ASX:MGX) and Sundance Resources Limited (ASX:SDL) also lower.
Gold and the dollar
Gold is trading at $US1,683 an ounce and the Australian dollar is buying $US1.057.
