The Australian share market has followed Wall Street’s lead, opening in positive territory, and finding support from all major market sectors.
The S&P/ASX 200 index is 55 points firmer at 5087. On the futures market the SPI is 54 points higher.
Company news
Rio Tinto
(ASX:RIO) will meet with the Mongolian Government in a matter of days in an attempt to hammer out a deal, after rising cost and tax talks collapsed, last month. At stake is access to Oyu Tolgoi , one of the world’s largest untapped deposits of copper. Shares in RIO are trading up 0.35% per cent at $60.91.
Elders Limited
(ASX:ELD) has confirmed it will proceed with the sale of 15 timber managed investment schemes, despite investor backlash. Us private equity major KKR, signed up in February. But investors and growers alike believe the $70 million price tag is too low. Shares in Elders are 3.85% weaker at 13 cents.
Best and worst performers The best performing sector is energy, gaining 216 points to 13,533. Shares in Senex
(ASX:SNY) have risen 5.63 per cent to be trading at 75 cents. Shares in Worley Parsons
(ASX:WOR) and Drill search
(ASX:DLS) are also stronger.
The worst performing sector is materials, up 24 points to 10,175. Shares in Arium
(ASX:ARI) have fallen 3.32 per cent, to be trading at 95 cents. Shares in Orica
(ASX:ORI) and Alumina
(ASX:AWC) are mixed.
Gold and the dollar
Gold is trading at $US1,589 an ounce.
The Australian dollar is buying $US1.036.
