Following a sea of green across global markets the Australian share market leapt 1 per cent in morning trade and is extending the weekly gain. Wall Street climbed to new highs on positive US and European economic figures and after central banks kept interest rates low in the UK and Europe. Across local sectors mining and energy stocks are taking charge with only the utilities and gold sectors stained red.
The S&P/ASX 200 index has surged 46 points to 5,108. On the futures market the SPI is 54 points stronger.
Uranium producer Paladin Energy Limited (ASX:PDN)
has abandoned the sale of a minority interest in its Langer Heinrich Mine until the uranium price environment picks up and also revealed it will book a $US180 million impairment charge this year.
ANZ Banking Group’s (ASX:ANZ)
chief Mike Smith has reportedly become the first Australian CEO to join LinkedIn Corp's (NYSE:LNKD) global influencer program made up of about 300 leaders including Microsoft founder Bill Gates and Virgin founder Richard Branson.
Independence Group NL (ASX:IGO)
and AngloGold Ashanti Limited (ASX:AGG)
have announced their Tropicana Gold Project in Western Australia has started its commissioning phase and is on track to produce first gold ahead of schedule in the September quarter.
Shares in Resource Star Limited (ASX:RSL)
have surged more than 85 per cent after the junior explorer inked a binding term sheet with Searex Petroleum to acquire a stake in an oil and gas project in Texas.
Best and worst performers
The best performing sector is energy gaining 147 points to 13,551. Shares in Linc Energy Limited (ASX:LNC)
have risen 4.78 per cent and trading at $1.81. Shares in Woodside Petroleum Limited (ASX:WPL)
and Origin Energy Limited (ASX:ORG)
are also stronger.
The only sector trading lower is utilities, easing 13 points to 5,474. Shares in Spark Infrastructure Group (ASX:SKI)
have fallen 1.24 per cent, trading at $1.79. Shares in APA Group (ASX:APA)
and Duet Group (ASX:DUE)
are also lower.
Gold and the dollar
Gold is trading at $US1,308 an ounce.
The Australian dollar is buying 88.96 US cents.