Following positive leads from Wall Street on Friday, the Australian share market jumped at the open and is currently tracking 0.88 per cent higher at noon. Thanks to a bounce in commodity prices it’s the materials and energy spaces that are leading the charge with solid gains in BHP, Rio Tinto and Woodside. The financials space is also stronger, with gains in all of the four big banks; but today it’s NAB that is the star performer up 2.25 per cent.
The S&P/ASX 200 index is 44 points higher at 5,134. On the futures market the SPI is up 41 points.
Sunland Group (ASX:SDG)
has acquired the landmark Greenmount Resort in Coolangatta on the Gold Coast for $26 million. The property which is located on the beach was acquired as a going concern and is scheduled to settle in December 2016. The company says the transaction represents Sunland’s continued confidence in the southern Gold Coast. Shares in Sunland Group are trading up 0.64 per cent at $1.57.
Avita Medical Limited (ASX:AVH)
has announced approval from the US FDA for a second expansion of its IDE program for ReCell. The IDE supplement allows Avita to increase the total number of patients by 50 per cent, bringing the total number of patients from 24 to 36. The IDE allows the application of ReCell beyond burns and to larger more serious skin defects. Shares in Avita Medical are trading up 2.04 per cent at $0.10.
Best and worst performers
The best performing sector is Materials, gaining 2.9 per cent to 7,606. Shares in Fortescue have risen 12.65 per cent and trading at $2.81. Shares in Alumina and BHP are also stronger.
The worst performing sector is REITs, falling 0.7 per cent to 1,310. Shares in Vicinity Centres have fallen 1.65 per cent, trading at $2.98. Shares in GPT Group and Charter Hall are also lower.
Gold and the dollar
Gold is trading at $US1,264 an ounce.
The Australian dollar is buying $US0.7403.