Taking its lead from a higher Wall Street close on Friday, the Australian share market has started the week in positive territory and is 0.3 per cent up at noon, bolstered by some strong gains in health care stocks.
The S&P/ASX 200 index is 17 points up at 4,949. On the futures market the SPI is 17 points higher.
Company news
AWE Limited
(ASX:AWE) says its Bulu PSC Joint Venture has commenced drilling an appraisal well on the Lengo gas discovery in Indonesia’s East Java Sea. Managing Director Bruce Clement says the Lengo gas discovery is an important part of the oil and gas explorer’s growth strategy in Indonesia. Shares in AWE are trading flat at $1.14.
Insurance Australia Group Limited
(ASX:IAG) has completed the sale of its major UK asset Equity Red Star to Aquiline Capital Partners for $128.8 million. CEO Mike Wilkins says the sale delivers the best available outcome for IAG shareholders in light of continuing challenging economic and industry conditions in the UK market. Shares in Insurance Australia Group are trading up 1.07 per cent at $5.69.
Best and worst performers The best performing sector is Healthcare gaining 129 points to 12,492. Shares in Ramsay Health Care Limited
(ASX:RHC) have risen 2.25 per cent and trading at $31.84. Shares in Mesoblast limited
(ASX:MSB) and Primary Health Care Limited
(ASX:PRY) are also stronger.
The worst performing sector is Real Estate Investment Trusts, falling 6 points to 1,082. Shares in Australand Property Group
(ASX:ALZ) have fallen 2.22 per cent, trading at $3.53. Shares in Investa Office Fund
(ASX:IOF) and Stockland
(ASX:SGP) are also lower.
Gold and the dollar
Gold is trading at $US1,419 an ounce and the Australian dollar is buying $US1.03.
