The Australian share market has risen for the 10th straight session, breaking through the 4,900 barrier and hitting a fresh 21-month high. Despite soft leads local stocks have edged up 0.3 per cent, led by gains in mining, health care and energy stocks.
The S&P/ASX 200 index has gained 15 points and is sitting at 4,904.
On the futures market the SPI is 16 points higher.
Company news Westpac Banking Corporation
(ASX:WBC) has announced plans to raise capital through launching a $500 million issue of hybrid securities.
The bank says the Capital Notes qualify as Tier 1 Capital under new global banking rules and will strengthen its Tier 1 Capital position. Shares in Westpac Banking Corporation have added 0.04 per cent and are trading at $28.23.
Insurance Australia Group Limited
(ASX:IAG) has received about 5,600 claims arising from storms and flooding in New South Wales and Queensland.
IAG says it is still too early to determine the cost of the event. The insurer’s subsidiaries NRMA Insurance and CGU Insurance offer flood cover to Australian customers. Suncorp Group Limited (ASX:SUN) said yesterday it had received 4,500 claims associated with the impact of ex-tropical cyclone Oswald. Shares in IAG have risen 1.42 per cent and are trading at $5.00.
Best and worst performers The best performing sector is health care gaining 112 points to 12,241. Shares in Acrux Limited
(ASX:ACR) have risen 8.13 per cent and trading at $3.46. Shares in CSL Limited
(ASX:CSL) and Sonic Healthcare Limited
(ASX:SHL) are also stronger.
The worst performing sector is ultilies, falling 42 points to 5,444. Shares in APA Group
(ASX:APA) have fallen 1.26 per cent, trading at $5.87. Shares in DUET Group
(ASX:DUE) and SP AusNet
(ASX:SPN) are also lower.
Gold and the dollar
Gold is trading at $US1,663 an ounce.
The Australian dollar is buying $US1.046.
