Midday: Aus shares track 0.84% higher at noon

Market Reports

by Carolyn Herbert

Following positive leads from Wall Street, the Australian share market has bounced back today, opening in the black and now tracking 0.84% higher at noon. While most sectors are in positive territory, it is the materials and financials sectors that are doing the bulk of the heavy lifting; with gains in the big miners BHP and Rio Tinto as well as the big four banks. We’ve also seen a rebound in the energy space with the likes of Santos and Woodside making some small gains.

The S&P/ASX 200 index is 43 points higher at 5,146. On the futures market the SPI is up 57 points.

Company news

Iluka Resources Limited (ASX:ILU) has announced the appointment of Tom O’Leary as the new Chief Executive Officer and Managing Director of Iluka, with a planned commencement date of 5 September 2016. Mr O’Leary will succeed David Robb who has been Managing Director of the company since 2006. Shares in Iluka Resources are trading up 3.56 per cent at $6.40.

Atlas Iron Limited (ASX:AGO) has advised that Managing Director David Flanagan has resigned from the role. The company says Mr Flanagan will continue in the role until a replacement is appointed or serve his six month notice period, whichever comes first. Shares in Atlas Iron are trading up 5.56 per cent at $0.01.

Best and worst performers

The best performing sector is Energy, gaining 2.34 per cent to 8,091. Shares in Worley Parsons have risen 4.69 per cent and trading at $7.14. Shares in Whitehaven Coal and Caltex are also stronger.

The worst performing sector is REITs, falling 1.55 per cent to 1,434. Shares in Investa Office Fund have fallen 4.33 per cent, trading at $4.20. Shares in Dexus Property Group and Stockland are also lower.

Gold and the dollar

Gold is trading at $US1,318 an ounce.
The Australian dollar is buying $US0.7408.


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.