Tentative gains: Aus shares 0.24% higher at noon

Market Reports

by Carolyn Herbert

Despite a weaker lead from US markets the Australian share market has opened in the black and is tracking sideways in the first two hours of trade or 0.24 per cent higher at noon. The financials space is leading the charge so far, with some small gains of around half a per cent in all of the big four banks. These gains are being counteracted by losses in the Telcos and Energy sectors, after another fall in the oil price overnight.

The S&P/ASX 200 index is 15 points up at 5,800. On the futures market the SPI is flat.

Company news

Growthpoint Properties Australia (ASX:GOZ) has announced it has successfully secured long term debt finance to the equivalent of $208 million via the US private placement market. The REIT says the private placement serves to diversify Growthpoint’s debt platform. The issue will comprise two tranches of USD denominated notes and one tranche of AUD notes. Shares in Growthpoint are trading down 0.48 per cent at $3.13.

Orion Gold Limited (ASX:ORN) says it is now fully funded to complete the acquisition of a 100 per cent interest in Agama Exploration and Mining, following the completion of a convertible note issue. Agama holds 73.33 per cent of the Prospecting Rights over the historical Prieska Copper Mine in South Africa. Maiden Mineral Resource estimates are due for completion in the June quarter 2017. Shares in Orion Gold are trading up 8.77 per cent at $0.03.

Best and worst performers

The best performing sector is Financials excluding REITs, gaining 0.6 per cent to 7,564. Shares in Genworth Mortgage (ASX:GMA) have risen 3.16 per cent and trading at $2.94. Shares in Henderson Group (ASX:HGG) and Steadfast Group (ASX:SDF) are also stronger.

The worst performing sector is Telcos, falling 0.78 per cent to 1,661. Shares in Spark New Zealand (ASX:SPK) have fallen 0.94 per cent, trading at $3.17. Shares in Telstra (ASX:TLS) and Vocus Communications (ASX:VOC) and are also lower.

Gold and the dollar

Gold is trading at $US1,226 an ounce and the Australian dollar is buying $US0.7675.


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.