Midday: Greek deal hopes buoy ASX 1.3%

Market Reports

Positive leads and hope of a Greek debt deal have buoyed the Australian share market 1.3 per cent at noon. Following on from global market gains the local benchmark jumped at open, supported by broad based gains. 
 
On the economic front ANZ and Roy Morgan’s weekly gauge on consumer confidence has slipped 0.4 per cent. ABS data has shown house prices rose 1.6 per cent in the March quarter on the back of record low interest rates. 
 
Figures
 
The S&P/ASX 200 index has spiked 71 points to 5,681. On the futures market the SPI is 73 points stronger. 
 
Company news
 
Shares in Freelancer Limited (ASX:FLN) have fallen despite flagging strong growth ahead. The online job outsourcing company’s China Investor Roadshow states the group continues to demonstrate exceptional growth with record net revenue, registered users and posted projects over FY14. Looking ahead Freelancer says it expects this exceptional growth to continue over the current year. Shares in Freelancer have fallen 4.58 per cent and are trading at $1.25 at noon. 
 
Benitec Biopharma Limited (ASX:BLT) has announced plans for an initial public offering the in the US with a listing on the tech-heavy Nasdaq index. The biotechnology company is targeting to raise between $US60 million and $US70 million under the IPO and deploy proceeds to its therapeutic programs. Benitec plans to also maintain its primary listing on the ASX. Shares in Benitec Biopharma are trading steady at $0.78 at noon. 
 
Best and worst performers
 
The best performing sector is consumer discretionary, gaining 1.7 per cent to 1,913. Shares in Premier Investments Limited (ASX:PMV) have risen 3.93 per cent and trading at $13.74. Shares in Navitas Limited (ASX:NVT) and Automotive Group Holdings Limited (ASX:AHG) are also stronger. 
 
The only sector trading in the red is consumer staples, easing 0.04 per cent to 8,548. Shares in Metcash Limited (ASX:MTS) have fallen 2.92 per cent, trading at $1.17. Shares in Woolworths Limited (ASX:WOW) and Asaleo Care Limited (ASX:AHY) are also lower. 
 
IPOs 
 
Shriro Holdings Limited (ASX:SHM) started trading today. The kitchen appliances and consumer goods marketing and distributing group floated with an issue price of $1.00, opened at $1.08 and is currently trading at $1.03.    
 
Gold and the dollar
 
Gold is buying $US1,187 an ounce. 
The Australian dollar is buying $US0.7717.