Despite a weaker lead from Wall Street, the Australian share market has decided to march to the beat of its own drum and has gained momentum in the first two hours of trade, tracking 0.34 per cent higher at noon. Staples are faring the best so far this session with gains in the likes of Bega Cheese and Vitamin supplement giant Blackmores. Energy stocks are lagging behind today after a decline in the oil price overnight.
The S&P/ASX 200 index is 20 points higher at 5,634. On the futures market the SPI is 11 points higher.
Charter Hall Group (ASX:CHC) has increased its Group Funds Under Management by $700 million from net revaluations. The $700 million increase represents 4 per cent growth over the $17.5 billion FUM portfolio as at 30 June 16. Charter Hall says it continues to see positive net valuation uplifts across all sectors, particularly office and long WALE retail assets. Shares in Charter Hall are trading up 1.49 per cent at $4.77.
Bass Metals Limited (ASX:BSM) has received firm commitments for a strategic capital raising of around $2.3 million via corporate advisors Bizzell Capital Partners. The Graphite developer says the capital raising will allow Bass to facilitate the revised transaction with Stratmin Global Resources and allow Bass to continue to progress with its production optimisation plans at the Graphmada graphite mine. Shares in Bass Metals are trading up 15.38 per cent at $0.015
Best and worst performers
The best performing sector is Staples, gaining 0.9 per cent to 8,848. Shares in Bega Cheese (ASX:BGA) have risen 6.7 per cent and trading at $4.30. Shares in Blackmores (ASX:BKL) and Woolworths (ASX:WOW) are also stronger.
The sector with the least gains is Energy, losing 0.2 per cent to 8,917. Shares in Santos have fallen 1.39 per cent, trading at $3.91. Shares in Caltex and Origin Energy are also lower.
Kalium Lakes Limited (ASX:KLL) started trading today. The mineral exploration company listed at $0.20, opened at $0.20 and is currently trading at $0.20.
Gold and the dollar
Gold is trading at $US1,132 an ounce.
The Australian dollar is buying $US0.7246.