Back in the black: Aus shares 0.59% higher at noon

Market Reports

by Carolyn Herbert

It has been a stellar start to the trading session for the Australian share market, despite mixed leads from Wall Street overnight. The local bourse jumped at the open and has gained traction in the first two hours of trade, gaining 0.59 per cent at noon. While most sectors are in positive territory today, Consumer Staples is leading the charge, followed by gains in Health Care. We have also seen some buying in the big four banks after a near 5 per cent drop over the last couple of trading sessions.

The S&P/ASX 200 index is 33 points up at 5,909. On the futures market the SPI is 32 points higher.

Asian markets

Checking in with how Asian markets are tracking now, Japan’s Nikkei has added 0.11 per cent, Hong Kong’s Hang Seng has added 0.38 per cent and the Shanghai Composite has lost 0.24 per cent.

Company news

AMP Limited (ASX:AMP) has reported cash flows and assets under management for the first quarter of 2017. Australian wealth management inflows increased by 11 per cent to $6.4 billion. Net cashflows on AMP retail platforms were $188 million and AMP’s mortgage book grew by 5 per cent over the quarter. Shares in AMP are trading down 1.29 per cent at $5.35.

Creso Pharma Limited (ASX:CPH) has announced it has signed a binding letter of intent with Australian cannabis producer, LeafCann Group to accelerate the development and commercialisation of locally manufactured medicinal cannabis. Through the agreement LeafCann will supply Creso with cannabis and hemp derived materials, which will be used to develop and manufacture therapeutic products for human and animal health markets. Shares in Creso Pharma are trading up 3.13 per cent at $0.49.

Best and worst performers

The best performing sector is Staples, gaining 1.2 per cent to 9,744. Shares in Graincorp (ASX:GNC) have risen 8.44 per cent and trading at $9.89. Shares in Australian Agriculture (ASX:AAC) and Bega Cheese (ASX:BGA) are also stronger.

The worst performing sector is Telcos, falling 0.69 per cent to 1,538. Shares in Spark New Zealand (ASX:SPK) have fallen 0.86 per cent, trading at $3.45. Shares in Telstra (ASX:TLS) and Chorus (ASX:CNU are also lower.

Commodities and the dollar

Gold is trading at $US1,220 an ounce
The  Australian dollar is buying $US0.7342.


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.