Following positive leads, the Australian share market opened higher this morning and is 0.31 per cent up at noon. The mining sector is weighing on the local benchmark. With both BHP and Iluka stock falling after releasing March quarter production results. However strength from the banks, industrials and the tech sector are supporting the broader bourse.
All eyes will be on China’s growth figures which are due out this afternoon, with pessimistic expectations pointing towards a slide in the nation’s growth rate.
Figures
The S&P/ASX 200 index is 17 points up at 5,405. On the futures market the SPI is 19 points higher.
Economic news
The Westpac Melbourne Institute Leading Index, which forecasts the likely pace of economic growth three to nine months into the future, has forecast a slight rise, but the growth rate will remain below trend.
Company news
Challenger Limited
(ASX:CGF) has lifted its funds under management in the March quarter to $49.5 million.
The investment company increased life annuity sales by 29 per cent to $496 million, and retail annuity sales rose 35 per cent to $478 million. Shares in Challenger are trading up 4.58 per cent at $6.39. Blackthorn Resources Limited (ASX:BTR) has agreed to sell its stake in the Perkoa joint venture, to Glencore Xstrata. The resources company will receive up to $12 million in cash for its 27.3 per cent share in the Burkino Faso project. Shares in Blackthorn Resources have lifted 10 per cent after the announcement to trade at $0.17.
Best and worst performers The best performing sector is Energy, gaining 115 points to 13,749. Shares in Buru Energy Limited
(ASX:BRU) have risen 4.33 per cent and trading at $1.21. Shares in Karoon Gas Australia Limited
(ASX:KAR) and Beach Energy Limited
(ASX:BPT) are also stronger.
The worst performing sector is materials, falling 48 points to 10,151. Shares in Lynas Corporation Limited
(ASX:LYC) have fallen 7.5 per cent, trading at $0.18. Shares in Iluka Resources Limited
(ASX:ILU) and Sandfire Resources NL
(ASX:SFR) are also lower.
Gold and the dollar
Gold is trading at $US1,297 an ounce.
The Australian dollar is buying $US0.9345.
