The Australian share market has opened at a 53 month high – following Wall Street’s lead, after the Dow Jones hit an all time record high overnight.
The S&P/ASX 200 index is up 51 points at 5127. On the futures market the SPI is 49 points higher.
Economic news
the Australian Bureau of statistics revealed the national economy grew by 0.6 per cent in the last three months of 2012, which was below expectations.
Company news
Insurance Australia Group Limited
(ASX:IAG) has paned the Federal Government’s proposed changes to consumer contract terms. Speaking at the Insurance Council of Australia briefing, IAG direct boss Andy Cornish said they should not cover insurance policies. IAG shares are down 0.52% at $5.72.
Production at Aditya Birla Minerals Limited
(ASX:ABY) Queensland copper man has been shut down following falling commodity prices. The company says its Mt Gordan operations would cease from late April, as it looks as ways to cut costs. Shares in Aditya Birla are down 2 per cent at 48 cents.
Best and worst performers The best performing sector is energy, gaining 205 points to 13,542. Shares in Whitehaven coal
(ASX:WHC) coal have risen 4.33 per cent to $2.65. Shares in Woodside
(ASX:WPL) and AWE
(ASX:AWE) are also stronger.
The worst performing sector is Consumer staples, falling 26 points to 10,297. Shares in Goodman Feilder
(ASX:GFF) have dropped 0.69 per cent to 71 cents. Shares in Woolworths
(ASX:WOW) and Treasury wines
(ASX:TWE) are also lower.
Gold and the dollar
Gold is trading at $US1,577 an ounce.
The Australian dollar is buying $US1.028.
