Up, up and away: Aus shares 0.77% higher at noon

Market Reports

by Carolyn Herbert

Following another positive lead from Wall Street, the Australian share market has extended yesterday’s gains, surging a further 0.77 per cent at noon. The financials space is rocketing ahead this session with gains in all of the big four banks, CBA and NAB are leading the charge both up over 1.2 per cent. The energy and materials sectors are faring the worst so far after a drop in the price of commodities overnight.

The S&P/ASX 200 index is 43 points up at 5,605. On the futures market the SPI is up 23 points.

Company news

Sydney Airport (ASX:SYD) says international passenger numbers have grown more than 7.5 per cent due to double digit capacity growth and strong load factors. The bulk of international passengers coming into Australia were from Japan, China and Korea. Three new Chinese routes commenced in November adding almost 230,000 new seats. Shares in Sydney Airport are trading up 0.46 per cent at $6.57.

Australia’s largest gas infrastructure business, APA Group (ASX:APA) has announced it has entered into a multi-asset, multi-service gas transportation contract with AGL Energy (ASX:AGL). The contract worth $40 million a year in revenue, offers AGL continued haulage capabilities to service its needs. APA Group says the contract highlights the true value of APA’s East Coast Grid. Shares in APA Group are trading up 2.49 per cent at $8.63.

Best and worst performers

The best performing sector is in fact Utilities, gaining 1.75 per cent to 7,857. Shares in AGL Energy have risen 2.49 per cent and trading at $21.84. Shares in APA Group and Spark Infrastructure are also stronger.

The worst performing sector is Energy, losing 0.35 per cent to 8,901. Shares in Origin Energy have fallen 1.16 per cent, trading at $6.41. Shares in Oil Search and Woodside Petroleum are also lower.

Gold and the dollar

Gold is trading at $US1,138 an ounce.
The Australian dollar is buying $US7259.


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.