Midday rebound: Aus shares up 1.05% at noon

Market Reports

by Carolyn Herbert

Following positive leads from Wall Street the Australian share market has made a rebound this session, bouncing at the open and now tracking 1.05% higher at noon. Today its the consumer discretionary space that is the best performer with gains in the likes of JB Hi-Fi and Billabong. We have also seen the big four banks continue to gain some traction, all up around 1 per cent.

The S&P/ASX 200 index is 55 points up at 5,295. On the futures market the SPI is 49points higher.

Company news

APN News and Media Limited (ASX:APN) has announced that its shareholders have voted overwhelmingly in favour of the proposed sale of Australian Regional Media to a subsidiary of News Corp. The media company says the sale, once finalised, will allow it to better pursue opportunities and develop strategies and capital structure relative to a growth media business. The proposed sale is still subject to ACCC approval. Shares in APN News and Media are trading up 2.07 per cent at $3.45.

Transurban Group (ASX:TCL) says its financing vehicle has priced US$550 million of senior secured 10.5 year notes. The toll road operator says the funds will be swapped into Australian dollars at a fixed interest rate and will be put towards the repayment of upcoming debt maturities. Shares in Transurban are trading up 0.75 per cent at $10.76.

Best and worst performers

The best performing sector is Consumer Discretionaries, gaining 2.1 per cent to 2,205. Shares in JB Hi Fi have risen 6.49 per cent and trading at $30.35. Shares in Mantra and APN Outdoor are also stronger.

The sector with the least gains is Staples adding 0.6 per cent to 8,834. Shares in Select Harvests have fallen 0.84 per cent, trading at $5.88. Shares in Metcash are lower and Treasury Wine Estates are higher.

Gold and the dollar

Gold is trading at $US1,315 an ounce.
The Australian dollar is buying $US0.7517.


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