The Australian share market rose sharply in the first hour of trade this morning and is now trading 1.3 per cent up at noon. Mesoblast (ASX:MSB) is leading the top 200 gains at midday, up over 8 per cent, with Treasury Wine Estates (ASX:TWE) coming in last.
The S&P/ASX 200 index is 75 points up at 6,016. On the futures market the SPI is 73 points up.
Citi has rated Woodside Petroleum (ASX:WPL) as a Buy. Woodside has impaired around US$4bn in assets and booked a tasking contract provision of US$450m for Corpus Christi. The disclosure suggests annual nominal losses to Citi of US$25m per annum, around half the level previously expected. Shares in Woodside Petroleum (ASX:WPL) are trading 2.5 per cent lower at $20.93.
Neo-lender Wisr (ASX:WZR) has received funding approval from the Australian Office of Financial Management of $30.8 million into the Wisr Warehouse through the Structured Finance Support Fund. The investment will be alongside existing senior and mezzanine financiers and will support the Wisr Warehouse up to $200 million. Wizr Chief Financial Officer, Andrew Goodwin. says ‘Wisr welcomes the investment by the AOFM into the Wisr Warehouse, which will support the ongoing mission to deliver fairly priced credit to everyday Australians’. Shares in Wisr (ASX:WZR) are trading 3.4 per cent higher at 23 cents.
Best and worst performers
The best-performing sector is Information Technology, adding 2.6 per cent, while the sector with the fewest gains is Financials adding 0.1 per cent.
The best performing stock in the S&P/ASX 200 is Mesoblast (ASX:MSB), rising 8.1 per cent to $3.48, followed by shares in Clinuvel Pharmacuticals (ASX:CUV) and Orocobre (ASX:ORE).
The worst performing stock in the S&P/ASX 200 is Treasury Wine Estates (ASX:TWE), dropping 2.5 per cent to $11.12, followed by shares in Woodside Petroleum (ASX:WPL) and IOOF (ASX:IFL).
Commodities and the dollar
Gold is trading at US$1,810 an ounce.
Iron ore price rose 1.3 per cent to US$112.48
Iron ore futures are pointing to a fall of 0.3 per cent.
One Australian dollar is buying 70.05 US cents.