Midday: Aus shares up 0.55%

Market Reports

Following positive leads, the Australian share market opened sharply higher and is 0.55 per cent up at noon.
 
The S&P/ASX 200 index is 29 points up at 5,372. On the futures market the SPI is 22 points higher.
 
Economic news:
 
ABS:
Value of dwelling commitments March was flat. Investment housing commitments rose 1.1% while owner occupied housing commitments fell 0.7%.
In seasonally adjusted terms, the total value of dwelling finance commitments excluding alterations and additions fell 0.2%.
 
Westpac Consumer Sentiment Index
Westpac - Melbourne Institute Index of Consumer Sentiment jumped 8.5 per cent in May. The index now stands 103.its strongest level since January 2014.
 
Company News
 
Investa Property Group owner of investment grade office buildings with total assets under management of AU$3.1 billion has announced the appointment of Jonathan Callaghan as CEO of Investa Property Group and Peter Menagazzo as Chief Investment Officer. Both candidates have been with the Investa Group for over 10 years.
Shares in Investa Office Fund Limited (ASX:IOF) are trading down 0.24 per cent at $4.22.
 
Australian diversified mineral exploration and resource development company. Cazaly Resources has acquired reached an agreement to purchase all the shares in private exploration company Yamarna West Pty Ltd. Yamarna Wests’ key asset is exploration licence application E38/3111 which covers the majority of the Mount Venn greenstone belt located in the north-eastern goldfields of Western Australia.
Shares in Cazaly Resources Limited (ASX:CAZ) are trading up 7.79 per cent at $0.08.
 
Best and worst performers

The best performing sector is Materials, gaining 2 per cent to 7,898. Shares in Northern Star Resources have risen 7.06 per cent and trading at $4.48. Shares in CSR and Saracen Resources are also stronger.
 
The worst performing sector is Utilities falling 0.05 per cent to 7,344. Shares in APA Group have fallen 0.43 per cent, trading at $9.16. Shares in AGL are lower and Spark Infrastructure is flat.
 
Gold and the dollar

Gold is trading at $US1,270 an ounce.
The Australian dollar is buying $US0.7351