The Australian share market opened higher following positive economic data out of the US which led to strong finishes on Wall Street and in European markets. The local market is 0.5 per cent up at noon, led by gains in the materials sector ahead of Chinese GDP data.
The S&P/ASX 200 index is 18 points up at 4,774. On the futures market the SPI is 20 points higher.
Company news
Rio Tinto Limited (ASX:RIO) investors reacted positively to the news of now ex-CEO Tom Albanese stepping down, with the global miners stocks posting solid gains in early trade. Mr Albanese will be replaced by Rio’s Iron Ore chief Sam Walsh, who has been with the company since 1991. Shares in Rio Tinto are trading up 2.82 per cent at $66.42.
Echo Entertainment Group Limited’s (ASX:EGP) new CEO has commenced his tenure following the granting of final regulatory approval. Mr John Redmond will cease his role as a non-executive director with the company and be paid a fixed salary of $2.25 million annually plus short term incentives. He has previously held executive positions with multiple Las Vegas and International casino and hotel groups. Shares in Echo are trading up 0.28 per cent at $3.52.
Best and worst performers
The best performing sector is Materials gaining 108 points to 10,668. Shares in OZ Minerals Limited (ASX:OZL) have risen 4.32 per cent and trading at $7.24. Shares in Fortescue Metals Group Limited (ASX:FMG) and Rio Tinto Limited (ASX:RIO) are also stronger.
The worst performing sector is Consumer Staples, the only sector lower at the moment, falling 82 points to 9,142. Shares in Wesfarmers Limited (ASX:WES) have fallen 1.96 per cent, trading at $37.60. Shares in Coca-Cola Amatil Limited (ASX:CCL) are lower while Metcash Limited (ASX:MTS) is trading steady at midday.
IPO'S
There is one IPO floating today and that’s Indoor Skydive Australia Group Limited (ASX:IDZ), which listed with an issue price of $0.20, opening at $0.215 and currently trading at $0.20.
Gold and the dollar
Gold is trading at $US1,686 an ounce and the Australian dollar is buying $US1.055.
