Boosted by Wall Street’s strong finish the Australian share market spiked more than 1 per cent at open and has remained strong. The Australian dollar has also lifted from the week’s lows and is poised for its firstly weekly gain in six after losing almost 9 per cent in two months.
An upbeat read on America’s economy pushed US indices more than 1 per cent up by close to snap a three day losing streak. Despite yesterday’s falls, local stocks are headed for a weekly gain – with most major sectors up and solid strength from the miners and banks offsetting weakness in the health care sector.
Figures
The S&P/ASX 200 index has soared 60 points to reach 4,756. On the futures market the SPI is 72 points stronger.
Stocks to watch Shares in News Corp
(ASX:NWS) have risen almost 1 per cent after the details of two splits were announced. The media company’s two new entities will start trading separately next week and the company’s chief Rupert Murdoch has filed for divorce from his wife, Wendi Deng.
Shares in Beach Energy Limited
(ASX:BPT) have gained more than 2 per cent after spruiking four new oil discoveries and production increases on the western flank of the oil and gas producers’ Cooper Basin assets.
Shares in Charter Hall Retail REIT
(ASX:CQR) have dipped 0.25 per cent despite the property investor revealing its full-year distribution has risen by 2.7 per cent to 26.8 cents per unit.
Shares in ASX Limited
(ASX:ASX) have fallen almost 7 per cent after the operator of the Australian Securities Exchange completed the institutional stage of its $553 million capital raising, having posted a slight shortfall in the take-up.
Best and worst performers The best performing sector is financials excluding real estate investment trusts gaining 109 points to 6,090. Shares in Bendigo and Adelaide Bank Limited
(ASX:BEN) have risen 4.49 per cent and trading at $9.78. Shares in Suncorp Group Limited
(ASX:SUN) and National Australia Bank Limited
(ASX:NAB) are also stronger.
The only major sector trading in the red is health care, falling 120 points to 12,379. Shares in Mesoblast Limited
(ASX:MSB) have fallen 5.2 per cent, trading at $5.83. Shares in Ramsay Health Care Limited
(ASX:RHC) and CSL Limited
(ASX:CSL) are also lower.
Gold and the dollar
Gold is trading at $US1,383 an ounce.
The Australian dollar is buying 95.91 US cents.
