The Australian share market followed rallying global markets higher at open and are 0.7 per cent up at noon, with mining stocks again leading the way. The healthcare sector is reeling somewhat on the back of a sharp dip in CSL Limited
(ASX:CSL) stocks.
The S&P/ASX 200 index is 37 points up at 5,181. On the futures market the SPI is 34 points higher.
Company news
Virgin Australia Holdings Limited
(ASX:VAH) co-founder Richard Branson has left the door open on the prospect of selling off his full stake in the airline. According to media reports, Mr Branson believes holding on to his 13 per cent stake is less important than securing a branding agreement with the airline that will be in place for the duration of his life. Shares in Virgin Australia are trading steady at $0.48.
Sigma Pharmaceutical Limited
(ASX:SIP) chairman Brian Jamieson is confident the company will be able to maintain high shareholder payout ratios indefinitely. Mr Jamieson says Sigma’s current cash outlook indicates that payout levels can remain high for the foreseeable future, subject to its franking position and the usual business considerations. Shares in Sigma are trading up 0.66 per cent at $0.76.
Best and worst performers The best performing sector is Materials gaining 151 points to 9,580. Shares in Atlas Iron Limited
(ASX:AGO) have risen 9.34 per cent and trading at $0.99. Shares in Iluka Resources Limited
(ASX:ILU) and Fortescue Metals Group Limited
(ASX:FMG) are also stronger.
The worst performing sector is Healthcare, falling 259 points to 12,785. Shares in CSL Limited
(ASX:CSL) have fallen 4.56 per cent, trading at $60.00. Shares in Acrux Limited
(ASX:ACR) are trading lower while Ramsay Health Care Limited
(ASX:RHC) are slightly higher at noon.
Gold and the dollar
Gold is trading at $US1,448 an ounce and the Australian dollar is buying $US1.019.
