The Australian share market is gaining traction at noon amid investor confidence over US Federal Reserve vice chair Janet Yellen’s support for the central bank’s stance on monetary policy.
With no local economic news to drive the market, traders seem buoyed by Ms Yellen’s comments to a hearing before the US Senate Banking Committee that there are dangers to ending the central bank's $US85 billion-a-month bond-buying program too soon.
Figures
The S&P/ASX 200 index is 20 points higher at noon at 5,375. On the futures market the SPI is 19 points up.
Company news
Jetset Travelworld Limited
(ASX:JET) has inked a strategic alliance with Orbitz Worldwide to power its new online offering. The website called helloworld will feature a range of travel and holiday options for customers who prefer to shop online. Shares in Jetset lifted 1.18 per cent at midday and are trading at 43 cents.
Washington H. Soul Pattinson and Co Limited
(ASX:SOL) intends to vote against a $2.2 billion proposal to unwind Brickworks' cross-ownership structure with Soul Pattinson. Soul Pattinson says if it is permitted to vote at the Brickworks shareholder meeting, it will oppose the proposal. Shares in Soul Pattinson fell 0.35 per cent at midday to $14.20.
Best performers The best performing sector is Energy gaining 57 points to 13,820. Shares in Whitehaven Coal Limited
(ASX:WHC) have risen 4 per cent and trading at $1.56. Shares in Paladin Energy Limited
(ASX:PDN) and Karoon Gas Australia Limited
(ASX:KAR)are also stronger.
Worst performers
The worst performing sector is Health, falling 60 points to 13,944. Shares in Ramsay Health Care Limited
(ASX:RHC) have fallen 1.98 per cent, trading at $37.61. Shares in Primary Health Care Limited
(ASX:PRY) and Acrux Limited
(ASX:ACR) are also lower.
Gold and the dollar
Gold is trading at $US1,287 an ounce and the Australian dollar is buying $US93.21.
