Following positive leads from Wall Street on Friday, the Australian share market bounced at the open and has continued to gain momentum in the first two hours of trade, tracking 0.85 per cent higher at noon. In terms of sector performance, most sectors are in positive territory but it’s the Energy space that is leading the charge, followed by Materials and Telcos. Health Care is the only sector which is in the red.
The S&P/ASX 200 index is 48 points up at 5,775. On the futures market the SPI is 47 points higher.
Checking in with how Asian markets are tracking now, Japan’s Nikkei has added 0.34 per cent, Hong Kong’s Hang Seng has gained 0.63 per cent and the Shanghai Composite has added 0.11 per cent.
Fisher and Paykel Healthcare Corporation Limited (ASX:FPH) has reported an 18 per cent increase in net profit to NZ$169.2 million. Operating revenue for the sleep apnoea device company came in 10 per cent higher at a record NZ$894.4 million. The company says its a strong result which was bolstered by increasing adoption of its sleep apnoea treatment products by healthcare providers. Shares in Fisher and Paykel Healthcare are trading up 0.11 per cent at $9.44.
SurfStitch Limited (ASX:SRF) has revised its guidance for FY17 forecasting an increase in the EBITA loss it will report. The online surf wear retailer says the EBITDA loss for FY17 will come in between $10.5 to $11.5 million, instead of $5 to $6.5 million which was originally forecasted to the market. The company cited a difficult business environment for apparel and footwear as the main contributor to the forecasted result. Shares in SurfStitch are trading down 22.45 per cent at $0.08.
Best and worst performers
The best performing sector is Energy, gaining 2.21 per cent to 9,563. Shares in Origin Energy (ASX:ORG) have risen 4.61 per cent and trading at $7.94. Shares in Santos (ASX:STO) and Beach Energy (ASX:BPT) are also stronger.
The worst performing sector is Health Care, falling 0.24 per cent to 22,908. Shares in Virtus Health (ASX:VRT) have fallen 2.15 per cent, trading at $5.92. Shares in Ansell (ASX:ANN) and CSL Limited (ASX:CSL) are also lower.
Commodities and the dollar
Gold is trading at $US1,253 an ounce
The Australian dollar is buying $US0.7441.