Despite a lack lustre start to the Tuesday trading session, the Australian share market has made a turnaround in the first two hours of trade and is now tracking 0.06 per cent higher at noon. The local bourse made its way out of the red around 11am, thanks to some solid gains in the Energy and Materials sectors. While sectors are mostly higher this session, REITs have proved to be the biggest drag on the index and we’ve also seen losses in Consumer Discretionaries and Health Care.
The S&P/ASX 200 index is 4 points up at 5,728. On the futures market the SPI is 14 points higher.
Checking in with how Asian markets are tracking now, Japan’s Nikkei has added 0.21 per cent, Hong Kong’s Hang Seng has gained 0.74 per cent and the Shanghai Composite has lost 0.18 per cent.
According to latest housing finance data from the Australian Bureau of Statistics, the total value of dwelling commitments rose 1.3 per cent in May seasonally adjusted. In original terms, the number of first home buyer commitments rose to 14.0 per cent in May 2017 from 13.8% in April 2017.
Slater and Gordon Limited (ASX:SGH) has reached an agreement to settle the class action proceeding brought on by Mr Matthew Hall. Slater and Gordon has two shareholder class actions against it and has received notification of one other potential class action. The agreed settlement amount under the Hall proceeding is $36.5 million. Shares in Slater and Gordon are trading up 10.81 per cent at $0.08.
Bellamy’s Australia Limited (ASX:BAL) has requested an extension to its trading suspension while it considers the impact of the Camperdown CNCA license suspension on the retail component of its recent entitlement offer. Bellamy’s understands that enquiries were raised by the Certification Accreditation Administration of China following allegations relating to quality issues relating to Camperdown’s processing facility. The milk manufacturer says it’s working closely to respond to CNCA’s enquiries. Shares in Bellamy’s Australia last traded at $6.74.
Best and worst performers
The best performing sector is Materials, gaining 0.41 per cent to 10,030. Shares in Sandfire (ASX:SFR) have risen 2.96 per cent and trading at $5.91. Shares in Oz Minerals (ASX:OZL) and Mineral Resources (ASX:MIN) are also stronger.
The worst performing sector is REITs, falling 1 per cent to 1,287. Shares in Iron Mountain (ASX:INM) have fallen 2.65 per cent, trading at $44.03. Shares in Dexus Property Group (ASX:DXS) and Scentre Group (ASX:SCG) are also lower.
Commodities and the dollar
Gold is trading at $US1,212 an ounce.
The Australian dollar is buying $US0.7608.