Despite mixed leads from Wall Street the local bourse has jumped higher at the open and is currently tracking up 0.35 per cent around lunch time. We have seen the materials space bounce back after it was heavily sold off over the past three days, with the likes of mining giant BHP gaining almost 5 per cent. The energy space is without question the shining star this session with Santos jumping almost 12 per cent, after OPEC agreed to cut production overnight.
The S&P/ASX 200 index is 19 points up at 5,460. On the futures market the SPI is 22 points higher.
Manufacturing activity in Australia has jumped 3.3 points to 54.2 points in November, according to latest data released by the Australian Industry Group. This indicates further expansion, as results about 50 points indicate strength. In other economic news, CoreLogic says house values have grown by 0.2 per cent in November, with Darwin and Adelaide leading the way.
Pilbara Minerals Limited (ASX:PLS) has announced it has completed the acquisition of the Lynas Find Lithium Project, further expanding its resource inventory in Western Australia. The lithium developer says the acquisition will provide it with early access to readily accessible higher grade tonnes, as well as creating additional flexibility for key infrastructure components of the company’s existing Pilgangoora Project. Shares in Pilbara Minerals are trading up 3.21 per cent at $0.56.
TopBetta Limited (ASX:TBH) says corporate bookmaker Ladbrokes.com.au has signed on as the first wagering operator to commit to using The Global Tote. The company says The Global Tote is expected to launch next month and will enhance wagering outcomes for operators, punters and racing bodies on a global scale. Shares in TopBetta are trading up 21.05 per cent at $0.23.
Best and worst performers
The best performing sector is Energy, gaining 6.64 per cent to 9,090. Shares in Santos have risen 11.45 per cent and trading at $4.38. Shares in Beach Energy and Oil Search are also stronger.
The worst performing sector is REITS, falling 2.28 per cent to 1,296. Shares in Vicinity Centres have fallen 3.08 per cent, trading at $2.83. Shares in Goodman Group and Scentre Group are also lower.
Freedom Insurance Group Limited (ASX:FIG) started trading today. The insurance product company floated with an issue price of $0.35, opened at $0.38 and is currently trading at $0.38.
Gold and the dollar
Gold is trading at $US1,173 an ounce.
The Australian dollar is buying $US0.7383.