Miners march higher: Aus shares up 0.9% at noon

Market Reports

by Carolyn Herbert

Following positive leads from Wall Street it has been a solid start to the trading day for the Australian share market. The local bourse opened in the black and has continued to gain momentum in the first two hours of trade, tracking 0.9 per cent higher at noon. While most sectors are in the black today, the Energy sector is doing the bulk of the heavy lifting so far. The Materials space is also charging ahead with gains of more than 3 per cent in the big miners BHP Billiton (ASX:BHP) and Rio Tinto (ASX:RIO).

The S&P/ASX 200 index is 50 points up at 5,777. On the futures market the SPI is 61 points higher.

Asian markets

Checking in with how Asian markets are tracking now, Japan’s Nikkei has added 0.6 per cent, Hong Kong’s Hang Seng has added 0.5 per cent and the Shanghai Composite has gained 0.5 per cent.

Economic news

According to latest data from the Australian Bureau of Statistics, CPI was subdued in the June quarter. CPI rose just 0.2 per cent, compared to a 0.5 per cent increase in the March quarter.

Company news

CresoPharma Limited (ASX:CPH) has gone into a trading halt, pending the release of a market sensitive announcement by the medicinal cannabis and hemp company. The announcement relates to a material acquisition in Canada. The trading halt will remain in place until no later than this Thursday. Shares in CresoPharma last traded at $0.55.

Hotcopper Holdings Limited (ASX:HOT) has launched its IOS app for immediate download from the Apple iTunes store. The App represents a significant milestone for the stock market forum operator, with a strong uptake anticipated by the site’s 250,000 members. IG markets will sponsor the app for 12 months, which can be downloaded for free. Shares in Hotcopper last traded at $0.13.

Best and worst performers

The best performing sector is Energy, gaining 2.7 per cent to 8,755. Shares in Woodside (ASX:WPL) have risen 2.38 per cent and trading at $29.31. Shares in Oil Search (ASX:OSH) and Origin Energy (ASX:ORG) are also stronger.

The worst performing sector is Consumer Discretionaries, falling 0.6 per cent to 2,199. Shares in Dominos Pizza (ASX:DMP) have fallen 5.33 per cent, trading at $54.91. Shares in Aristocrat Leisure (ASX:ALL) and Super Retail Group (ASX:SUL) are also lower.

Gold and the dollar

Gold is trading at $US1,249 an ounce and the Australian dollar is buying $US0.7907.




 

Carolyn Herbert

Finance News Network
Carolyn joined FNN in August 2015 as the Head of News and also presented the Market at Midday and the Market Wrap. With more than five years of broadcast journalism experience, Carolyn has worked as a finance anchor on the Sky News Business channel and as an anchor and reporter for ABC News. She is also a qualified corporate lawyer specialising in IPOs, takeovers and mergers and acquisitions.