Defying weak Wall Street leads after US GDP growth fell below expectations; the Australian share market lifted over the 5,100 point threshold to start the week and is 0.5 per cent up at noon, bolstered by some strong gains in health and financial stocks.
The S&P/ASX 200 index is 25 points up at 5,123. On the futures market the SPI is 11 points higher.
Company news
Aquila Resources Limited
(ASX:AQA) says a joint venture with global trading company Sumitomo Corporation’s subsidiary Sumisho Coal Australia will not be proceeding. The potential joint venture would have encompassed Aquila’s portfolio of wholly owned Queensland based coal exploration permits, however Sumitomo has elected not to pursue an interest following two independent valuations. Shares in Aquila Resources are trading down 11.08 per cent at $1.80, the second worst performer so far today.
Shares in Kingsgate Consolidated Limited
(ASX:KCN) have taken an early slide after it announced plans to review its capex and operating plans in response to the recent volatility in precious metal prices. The gold producer expects its financial year gold output to come in at the bottom end of previously issued guidance of between 200 and 220 thousand ounces, despite a slight lift in its third quarter production. Shares in Kingsgate are trading down 13.43 per cent at $2.32, the worst performing stock at this stage of the day.
Best and worst performers The best performing sector is Healthcare gaining 142 points to 12,948. Shares in ResMed Inc.
(ASX:RMD) have risen 3.59 per cent and trading at $4.62. Shares in Primary Health Care Limited
(ASX:PRY) and Sigma Pharmaceutical Limited
(ASX:SIP) are also stronger.
The worst performing sector is Materials, falling 51 points to 9,176. Shares in Kingsgate Consolidated Limited
(ASX:KCN) have fallen 13.43 per cent, trading at $2.32. Shares in Perseus Mining Limited
(ASX:PRU) and Silver Lake Resources Limited
(ASX:SLR) are also lower.
Gold and the dollar
Gold is trading at $US1,468 an ounce and the Australian dollar is buying $US1.029.
