Midday: Aus shares track 1.05% higher at noon

Market Reports

by Carolyn Herbert

It appears Aussie investors have shed their Brexit fears; the Australian share market started the trading week on a positive note jumping at the open on speculation Britain will stay in the EU when a vote is passed on Wednesday. The local bourse is now tracking 1.05 per cent higher at noon. The materials and energy sectors are leading the charge this morning with the likes of Rio Tinto and BHP gaining 2 and 3 per cent respectively. Origin Energy and Santos have both gained around 6 per cent, following a jump in the oil price overnight. Also a sea of green across the financials space with all of the big four banks gaining around 2 per cent.

The S&P/ASX 200 index is 54 points higher at 5,217. On the futures market the SPI is up 46 points.

Company news

APN News and Media Limited (ASX:APN) has recently announced that shareholders overwhelmingly approved the demerger of NZME, its New Zealand business. The company also advises that the Overseas Investment Office has granted the exemption requested with regards to the proposed demerger of the NZME shares. The demerger is still subject to further regulatory approvals and exemptions. Shares in APN News and Media are trading $4.88.

ResApp Health Limited (ASX:RAP) has gone into a trading halt, pending the release of an announcement by the company. ResApp says the announcement relates to preliminary results from its adult clinical study. The trading halt is to last until the earlier of the company releasing the announcement or the commencement of trading on Wednesday 22 June 2016. Shares in ResApp last traded at $0.37.

Best and worst performers

The best performing sector is Energy, gaining 3.82 per cent to 8,252. Shares in Origin Energy have risen 7.01 per cent and trading at $5.73. Shares in Santos and Worley Parsons are also stronger.

The worst performing sector is Healthcare, falling 0.6 per cent to 20,645. Shares in API have fallen 1.53 per cent, trading at $1.60. Shares in Cohclear and Resmed are also lower.

Gold and the dollar

Gold is trading at $US1,286 an ounce.
The Australian dollar is buying $US0.7434.


Carolyn Herbert

Finance News Network
Carolyn joined FNN in August 2015 as the Head of News and also presented the Market at Midday and the Market Wrap. With more than five years of broadcast journalism experience, Carolyn has worked as a finance anchor on the Sky News Business channel and as an anchor and reporter for ABC News. She is also a qualified corporate lawyer specialising in IPOs, takeovers and mergers and acquisitions.