Following strong leads, the Australian share market opened higher and is 1 per cent up at noon. All major sectors are higher with consumer discretionary leading the way with David Jones Limited (ASX:DJS) surging by about 20 per cent following news of a South African takeover bid.
Figures
The S&P/ASX 200 index is 51 points up at 5,462. On the futures market the SPI is 54 points higher.
Economic news The latest read on consumer sentiment has shown an improvement. Westpac Banking Corporation
(ASX:WBC) and the Melbourne Institute’s Index of Consumer Sentiment rose by 0.3 per cent to 99.7 in April.
Company news Compumedics Limited
(ASX:CMP) has won a major US contract giving it access to 1,400 hospitals.
The developer of computer based medical products will become a preferred vendor for the HealthTrust Purchasing Group. The deal is for the purchase of sleep diagnostic and neuro-monitoring systems. Shares in Compumedics are trading up 15.79 per cent at $0.11
Dart Energy Limited
(ASX:DTE) has exited its remaining business activities in China after completing the sale of its interests in a shale gas project.
The coal seam and shale gas explorer sold the interest to Hong Kong Prosperous Clean Energy Limited. The company will now focus on its coal seam and shale gas acreage in the UK. Shares in Dart Energy are trading up 7.14 per cent at $0.11
Best and worst performers The best performing sector is consumer discretionary gaining 33 points to 1,831. Shares in David Jones Limited
(ASX:DJS) have risen 23.04 per cent and trading at $3.93. Shares Myer Holdings Limited
(ASX:MYR) and Southern Cross Media Group Ltd
(ASX:SXL) are also stronger.
The sector with the smallest gains is health care, gaining 67 points to 14,462. Shares in ResMed Inc.
(ASX:RMD) have fallen 1.42 per cent, trading at $4.85. Shares Sigma Pharmaceutical Limited
(ASX:SIP) is flat and Primary Health Care Limited
(ASX:PRY) are slightly up.
Gold and the dollar
Gold is trading at $US1,310 an ounce.
The Australian dollar is buying $US0.9378.