The Australian share market followed Wall Street higher at open ahead of the highly anticipated US Fed meeting tonight and is 0.4 per cent up at noon, with strong gains in the Industrial sector leading the way.
The S&P/ASX 200 index is 20 points up at 4,835. On the futures market the SPI is 17 points higher.
Economic news
The Westpac-Melbourne Institute leading index says Australian economic growth slowed in April however continues to track well above trend.
The index predicting Australia's rate of economic growth three to nine months into the future grew at 5.4 per cent in April, above a long-term trend of 3 per cent.
Company news
Charter Hall Retail REIT
(ASX:CQR) and its super fund Core Plus have paid $458 million for a Perth development housing Bankwest’s headquarters as well as the city’s largest retail space. The Raine Square office block and retail development went into receivership in 2011, but is now being referred to by Charter Hall as Bankwest Place. Shares in Charter Hall are trading up 1.01 per cent at $4.01.
Whitehaven Coal Limited
(ASX:WHC) shares have risen strongly this morning after Nathan Tinkler sold 101 million shares to US investment firm Farallon Funds. Mr Tinkler sold off his shares at $2.96 each, equating to 9.9 per cent of Whitehaven, and a spokesman says other investors are set to pick up the remainder of the magnate’s 19 per cent holding by the end of today. Shares in Whitehaven Coal are trading up 4.27 per cent at $2.20.
Best and worst performers
The best performing sector is Industrials gaining 54 points to 3,585. Shares in Bradken Limited
(ASX:BKN) have risen 5.84 per cent and trading at $4.53. Shares in CSR Limited
(ASX:CSR) and Decmil Group Limited
(ASX:DCG) are also stronger.
The worst performing sector is Healthcare, falling 81 points to 12,455. Shares in Sigma Pharmaceutical Limited
(ASX:SIP) have fallen 0.32 per cent, trading at $0.77. Shares in Ramsay Health Care Limited
(ASX:RHC) are trading lower, while Sonic Healthcare Limited
(ASX:SHL) shares are slightly higher at noon.
Gold and the dollar
Gold is trading at $US1,365 an ounce and the Australian dollar is buying $US0.947.
