Following positive leads from Wall Street and coming off a slow day yesterday, the local share market opened higher and is 1.2 per cent up at noon.
Energy stocks led the way supported by a bump in the oil price, and commodities also gained as the iron ore price continued its recovery.
The S&P/ASX 200 index is 70 points up at 5,914. On the futures market the SPI is 76 points higher.
Metgasco Limited (ASX:MEL)
shares have soared 40 per cent on news the Supreme Court has ruled in its favour. The coal seam gas explorer says the Court lifted its drilling suspension which was imposed in May last year at its Rosella site. The case centred on compliance with community consultation guidelines amid fierce local opposition to the CSG mining. The company says a detailed response on the decision will be forthcoming. Shares in Metgasco are trading up 41.07 per cent at $0.08
Shares in Lynas Corporation Limited (ASX:LYC)
have also jumped as its quarterly report shows positive free cashflow in March which is a first for the company. The rare earths miner says it’s been a difficult quarter with total output dipping to 1,973 tonnes. March was brighter, with the recently commissioned Phase 2 SX5 train commencing full production. Shares in Lynas are trading up 13.64 per cent at $0.049
Best and worst performers
All major sectors are up today, the best performing sector is energy, gaining 2.7 per cent to 11,890. Shares in Liquefied Natural Gas Limited (ASX:LNG)
have risen 16.39 per cent and trading at $4.83. Shares in Senex Energy Limited (ASX:SXY)
and Sundance Energy Australia Limited (ASX:SEA)
are also stronger.
The sector with the least gains is healthcare, up 0.2 per cent to 19,413. Shares in ResMed Inc. (ASX:RMD)
have fallen 7.79 per cent, trading at $8.64. Shares in Sirtex Medical Limited (ASX:SRX)
and Ansell Limited (ASX:ANN)
are also lower.
Gold and the dollar
Gold is trading at $US1,193 an ounce.
The Australian dollar is buying $US0.7780