Positive leads have pushed the Australian share market higher in morning trade and most sectors are trading in the black. The benchmark index has continued the week’s momentum as earnings results roll in.
Shares in ANZ Banking Group (ASX:ANZ)
has slipped despite improving its cash profit for the first nine months. James Hardie Industries plc (ASX:JHX)
has tumbled after booking an 80 per cent fall in first quarter net profit.
Energy stocks after suffering and the gold sub-index has shed about 2 per cent. On the bright side, gold and base metals explorer Robust Resources Limited (ASX:ROL)
has soared about 50 per cent after scoring a new potential takeover bid.
The S&P/ASX 200 index has risen 16 points to 5,565. On the futures market the SPI is 16 points higher.
Shares in Clean Seas Tuna Limited (ASX:CSS)
have jumped after revealing it has rebounded to a full year profit. The South Australian based fish farmer delivered a net profit of $11.1 million after posting a loss of $34.5 million the year before. The company says achieving an annual operating profit ahead of schedule shows the effectiveness of its Yellowtail Kingfish strategies. Shares in Clean Seas Tuna are trading 21.43 per cent higher at $0.07.
Shares in Lonestar Resources Limited (ASX:LNR)
have slumped after advising the market of a sale of its stock. The oil and gas explorer and producer says the Wyllie Group has divested its whole 5.3 per cent stake in the company. Institutional investors are believed to have picked up the shareholding. Craig Coleman has also advised he will be leaving Lonestar’s board. Shares in Lonestar Resources have slumped 9.65 per cent to $0.52 at noon.
Best and worst performers
The best performing sector is real estate investment trusts, gaining 0.8 per cent to 1,129. Shares in Westfield Corporation (ASX:WFD)
have risen 1.49 per cent and trading at $7.48. Shares in Federation Centres (ASX:FDC)
and Charter Hall Retail REIT (ASX:CQR)
are also stronger.
The worst performing sector is energy, dropping 0.2 per cent to 14,462. Shares in Lonestar Resources Limited (ASX:LNR)
have fallen 9.65 per cent, trading at $0.52. Shares in Guinness Peat Group (ASX:GPG)
and James Hardie Industries (ASX:JHX)
are also lower.
Gold and the dollar
Gold is trading at $US1,312 an ounce.
The Australian dollar is buying $US0.9319.