Despite a fade in the market rally on Wall Street, the Australian share market opened in the black and is now tracking 0.43 per cent higher at noon. The healthcare space is leading the charge today along with the financials sector; with all of the big four banks in positive territory. The materials space is proving to be the biggest drag on the index so far with BHP shedding more than 3 per cent after releasing its operational review for the year ended 30 June 2016. The telcos are performing strongly with Amaysim and SMX Management both jumping over 4 per cent.
The S&P/ASX 200 index is 22 points up at 5,473. On the futures market the SPI is up 23 points.
Prospect Resources Limited (ASX:PSC) says it has received commitments from Chinese investors for $14 million to be raised via the issue of 280 million shares at an issue price of 5 cents each subject to shareholder approval. The company says the price of 5 cents is at a significant premium to the 20 day VWAP of 3.6 cents. The funds will be put towards drilling of the company’s Arcadia Lithium Deposit and accelerate gold production at the Gwanda East gold camp. Shares in Prospect Resources last traded at $0.071.
ResApp Health Limited (ASX:RAP) has announced that it is planning to conduct a clinical study with Massachusetts General Hospital for the ResApp US paediatric study. The company is a developer of smart phone medical applications for the diagnosis and management of respiratory disease. Shares in Resapp Health are trading up 4.69 per cent at $0.34.
Best and worst performers
The best performing sector is Healthcare, gaining 1.8 per cent to 22,346. Shares in Australian Pharmaceuticals have risen 4.02 per cent and trading at $1.81. Shares in Sirtex and Sigma Pharmaceuticals are also stronger.
The worst performing sector is Materials, falling 1.5 per cent to 8,517. Shares in Independence Group have fallen 6.96 per cent, trading at $3.95. Shares in Western Areas and Oz Minerals are also lower.
Gold and the dollar
Gold is trading at $US1,335 an ounce.
The Australian dollar is buying $US0.7505.