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.
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.
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.