The Australian share market is making solid gains of over 1 per cent at noon after positive inflation data and strong leads from Wall Street overnight.
The S&P/ASX 200 index is 64 points higher at 5,080. On the futures market the SPI is 73 points higher.
Economic news
The Australian Bureau of Statistics reported the price of Australian consumer goods and services rose 0.4 per cent in the March quarter. That was better than the expected 0.6 per cent increase, bringing the annual rate to 2.5 per cent.
Company news
APN News and Media Limited
(ASX:APN) has replaced its Australian regional media division chief executive Warren Bright with its group operations and procurement director Neil Monaghan. The APN board noted the ongoing shake-up in the media industry and the difficult operating environment impacted by the mining slowdown, a drop in government advertising and the Queensland floods. APN chairman Peter Cosgrove re-iterated the company's view that newspapers still have a viable future.Shares in APN are trading 4.3 per cent higher at $0.36.
Suncorp Group’s Limited
(ASX:SUN) banking arm has reported a spike in its loan book for the March quarter on the back of strong business and home lending growth. Suncorp Bank's total lending jumped 11.2 per cent in the March quarter to $46.7 billion, from $41.9 billion in the previous corresponding period.The bank says business loans swelled 12 per cent to $9.6 billion, from $8.6 billion on year. Suncorp is the best performer today, with shares trading up 2.63 per cent at $12.50.
Best and worst The best performer is financials excluding REITs gaining 117 points to 6,554. Shares in Suncorp Group Limited
(ASX:SUN) have risen 2.63 per cent and trading at $12.50. Shares in Australia and New Zealand Banking Group
(ASX:ANZ) and National Australia Bank Limited
(ASX:NAB) are also stronger.
The worst performing sector is Telco Services, falling 0.1 points to 1,668. Shares in Telecom Corp of New Zealand
(ASX:TEL) have fallen 0.92 per cent, trading at $2.15. Shares in Singapore Telecommunications Limited
(ASX:SGT) are also down and TPG Telecom Ltd
(ASX:TPM) is flat.
Gold and the dollar
Gold is trading at $US1,422 an ounce and the Australian dollar is buying $US1.024.
