Following strong leads from US markets overnight, the Australian share market has had a stellar run for the first two hours of trade and is now tracking 0.94 per cent higher at noon. This is the fifth straight session in positive territory, with the materials space the stand-out performer, followed by the energy sector.
The S&P/ASX 200 index is 49 points higher at 5,260. On the futures market the SPI is up 48 points.
Prima Biomed Limited (ASX:PRR)
has announced it has received a $475,000 grant from the European Union relating to past development work on its CVac therapy. The company says it is striving to become a leader in the development of immunotherapeutic products for the treatment of cancer. Shares in Prima Biomed are trading up 1.75 per cent at 5.8 cents.
National Veterinary Care Limited (ASX:NVL)
has announced the acquisition of Whites Hill Vet which settled on the 8th of October. The clinic is expected to deliver annualised revenue and EBIT of $950,000 and $190,000 respectively. Shares in National Vet Care are trading up 2.88 per cent at $1.43.
Best and worst performers
The best performing sector is Materials, gaining 1.8 per cent to 8,448. Shares in Independence Group have risen 8.31 per cent and trading at $3.26. Shares in Oz Minerals and Sandfire Resources are also stronger.
The sector with the least gains is Telcos, adding 0.2 per cent to 2,014. Shares in Telstra have gained 0.09 per cent, trading at $5.61. Shares in TPG Telecom and Vocus Communications are also higher.
Gold and the dollar
Gold is trading at $US1,141 an ounce.
The Australian dollar is buying 72.63 US cents.