Following positive leads from overseas markets, the Australian share market opened in the black and is currently tracking 1.2 per cent higher at noon. All sectors are in positive territory, but today it’s the Materials and Energy sectors that are doing the bulk of the heavy lifting, with BHP gaining more than 7 per cent, pushing it back above the $15 mark.
The S&P/ASX 200 index is 59 points higher at 4,923. On the futures market the SPI is 47 points up.
SKYCITY Entertainment Group’s (ASX:SKC)
plans for a major expansion of its Adelaide casino have been approved by the South Australian Development Assessment Commission. The company has been given the green light for the proposed design, which includes an 80-room luxury hotel, premium gaming spaces and additional restaurants. SKYCITY will spend up to $300 million on the transformation. Shares in SKYCITY are trading down 0.24 per cent at $4.20.
Best and worst performers
The best performing sector is Energy, gaining 3.7 per cent to 6,990. Shares in Karoon Gas have risen 13.04 per cent and trading at $1.56. Shares in AWE and Santos are also stronger.
The sector with the least gains is Financials excluding REITs, up 0.6 per cent to 6,421. Shares in Commonwealth Bank have fallen 0.16 per cent, trading at $76.69. Shares in Westpac and National Australia Bank are higher.
Gold and the dollar
Gold is trading at $US1,100 an ounce.
The Australian dollar is buying $US0.7012.