The Australian share market is enjoying a boisterous start to the new week, opening higher on positive offshore leads and trading 0.8 per cent stronger at noon. All the major sectors are higher, while the dollar is also higher and the gold price tipped its highest point in over a month this morning, offering a welcome shot in the arm to local gold stocks.
The S&P/ASX 200 index is 42 points up at 5,014. On the futures market the SPI is 33 points higher.
Company news
Billabong International Limited
(ASX:BBG) has had its planned recapitalisation deal with Altamont Capital Partners challenged by two of its main creditors. Centerbridge Partners and Oaktree Capital have lodged a challenge with the federal regulator, adamant that competing offers for the surfwear retailer should be considered. Shares in Billabong are trading up 5 per cent at $0.42.
Toy distributor Funtastic Limited
(ASX:FUN) has entered a trading halt ahead of a possible capital raising announcement. The halt will last until the announcement is made or trade begins on Wednesday. Shares in Funtastic last traded at $0.18.
Best and worst performers All major sectors are stronger. The best performing sector is Consumer staples gaining 107 points to 9,703. Shares in Woolworths Limited
(ASX:WOW) have risen 1.26 per cent and trading at $33.72. Shares in Treasury Wine Estates Limited
(ASX:TWE) and Wesfarmers Limited
(ASX:WES) are also stronger.
The sector with the fewest gains is Real estate investment trusts, up 1 point to 1,029. Shares in Commonwealth Property Office Fund
(ASX:CPA) have fallen 1.78 per cent, trading at $1.10. Shares in Westfield Retail Trust
(ASX:WRT) are lower while Westfield Group
(ASX:WDC) are slightly higher at midday.
Gold and the dollar
Gold has jumped over 1 per cent on gains in Japanese bullion futures and is trading at $US1,316 an ounce, while the Australian dollar has climbed against a greenback slip to be buying $US0.9219.
