Following soft leads from Wall Street, the Australian share market defied the odds, opened higher and is now tracking 0.28 per cent up at noon.
The Consumer Discretionary space and Financials are leading the charge rising around 1 per cent each so far this session, with the likes of Aristocrat Leisure (ASX:ALL) jumping over 4 per cent and nib Holdings (ASX:NHF) soaring over 5 per cent.
Meantime, the Energy space is seeing the most selling so far, after the oil price fell.
The S&P/ASX 200 index is 16 points up at 5,734. On the futures market the SPI is 16 points higher.
Japan’s Nikkei has lost 0.1 per cent, Hong Kong’s Hang Seng has added 0.3 per cent and the Shanghai Composite is trading 0.75 per cent higher.
Qube Holdings Limited (ASX:QUB) is hoping to raise $350 million in an equity raising to fund the development of its logistics park in South Sydney. The logistics and infrastructure company says its Moorebank warehousing park, is already the largest intermodal precinct in Australia. The company is also in advanced discussions with a number of potential tenants about the development. Qube expects to also fund the construction of the first new $80 million warehousing for the first tenant. Construction is set to start in early 2018. Shares in Qube Holdings Limited (ASX:QUB) last traded at $2.64.
Liquefied Natural Gas Limited (ASX:LNG) has decided to exit the Fisherman’s Landing LNG Projects at the Port of Gladstone in Queensland. The LNG company was reviewing its asset portfolio when it made the decision to no longer fund the costs of the project. Liquefied Natural Gas says it made the tough decision to close the project, after it didn’t secure a long-term economic gas supply, which was needed to take the project to fruition. Shares in Liquefied Natural Gas Limited (ASX:LNG) are 3.91 per cent higher to 67 cents.
Best and worst performers
The best performing sector is Consumer Discretionaries, gaining 1.05 per cent to 2,210. Shares in Nine Entertainment co. Holdings Limited (ASX:NEC) have risen 5.74 per cent and trading at $1.29. Shares in Aristocrat Leisure Limited (ASX:ALL) and HT& E Limited (ASX:HT1) are also stronger.
The worst performing sector is Energy, falling 0.9 per cent to 9,372. Shares in Beach Energy Limited (ASX:BPT) have fallen 1.56 per cent, trading at 63 cents. Shares in Whitehaven Coal Limited (ASX:WHC) and Origin Energy Limited (ASX:ORG) are also lower.
Commodities and the dollar
Gold is trading at $US1,261 an ounce and the Australian dollar is buying 74.54 US cents.