Following positive leads from Wall Street thanks to a rally in the tech space, the Australian share market has opened higher this morning. The local bourse has gained traction in the first two hours of trade and is tracking 0.72 per cent higher at noon. There’s green across the screen in most of the sectors, but the Health Care space is leading the charge so far. Materials and Telcos are also putting in a solid performance, with noticeable gains in the gold stocks.
The S&P/ASX 200 index is 42 points up at 5,815. On the futures market the SPI is 37 points higher.
Checking in with how Asian markets are tracking now, Japan’s Nikkei has added 0.3 per cent, Hong Kong’s Hang Seng has added 0.1 per cent and the Shanghai Composite has lost 0.3 per cent.
According to latest figures from The Westpac-Melbourne Institute, consumer sentiment fell in June for a third straight month. The index of consumer sentiment declined 1.8 per cent to a reading of 96.2. A reading of below 100 indicates that that number of pessimists outweigh optimists.
Ten Network Holdings (ASX:TEN) has gone into voluntary administration, following a trading halt announced yesterday. The embattled television station has appointed Korda Mentha as administrators, who will look to the potential sale or recapitalisation of the business. Ten’s shares have been suspended from official quotation. Ten’s shares last traded at 16 cents.
Seven West Media Limited (ASX:SWM) has confirmed amendments to its joint venture agreement with Yahoo7. Under the agreement Seven will now launch and market its own long form catch-up TV service through a separate fully owned Seven platform within six months. The Yahoo7 JV will be tasked with exploring new opportunities with a broader content set including content from AOL/Verizon. Shares in Seven West Media are trading up 3.44 per cent at $0.68.
Best and worst performers
The best performing sector is Health Care, gaining 1.6 per cent to 24,169. Shares in Ansell (ASX:ANN) have risen 3.82 per cent and trading at $24.46. Shares in Australian Pharmaceutical Industries (ASX:API) and Nanosonics (ASX:NAN) are also stronger.
The worst performing sector is Consumer Staples, falling 0.2 per cent to 9,143. Shares in Wesfarmers have fallen 0.61 per cent, trading at $40.49. Shares in Graincorp and Coca-Cola are also lower.
Gold and the dollar
Gold is trading at $US1,268 an ounce and the Australian dollar is buying $US0.7541.