The Australian share market opened higher today and jumped 0.8 per cent after HSBC’s China Flash PMI hit a five month high.
Positive leads from the US also helped to push all major sectors into the green and a steadying of the falls in iron ore prices has put a hold on losses for the miners.
The S&P/ASX 200 index is 50 points up at 5,475. On the futures market the SPI is 48 points higher.
Company news
Woodside Petroleum Limited
(ASX:WPL) will turn its focus to the Browse floating LNG project after its plans in the Leviathon joint venture fell through.
The oil and gas company held an investors meeting today, announcing that the project will be the foundation of the next period of growth and that phased capital and early revenue generation will reduce risk. Shares in Woodside are trading up 2.01 per cent at $42.06
Clinuvel Pharmaceuticals Limited
(ASX:CUV) has received orphan drug designation from the US Food and Drug administration for its proprietary drug Scenesse.
The status is reserved for drugs that treat rare conditions and would entitle the company to technical assistance, tax credits and market exclusivity if approved for marketing by the US regulatory body. Shares in Clinuvel are trading flat at $1.46.
Best and worst performers All major sectors are up. The best performing sector is Energy gaining 230 points to 14,411. Shares in Origin Energy Limited
(ASX:ORG) have risen 2.34 per cent and trading at $15.30. Shares in Caltex Australia Limited
(ASX:CTX) and Beach Energy Limited
(ASX:BPT) are also stronger.
The sector with the smallest gains is telco services, gaining 4 points to 1,869. Shares in M2 Group Limited
(ASX:MTU) have fallen 0.25 per cent, trading at $5.94. While shares in TPG Telecom Limited
(ASX:TPM) and Telstra Corporation Limited
(ASX:TLS) are slightly higher.
Gold and the dollar
Gold is trading at $US1,292 an ounce.
The Australian dollar is buying $US0.9248.
