The Australian share market has been performing exceptionally well today and is currently tracking 1.2 per cent higher after from the Dow Jones posted its first, eight-quarter winning streak in 20 years.
Since the market open, the local bourse has gone from strength to strength, despite the iron ore price slipping. All of the sectors have been dancing higher in the first two hours of trade with Telcos dipping its toes in and out of the red.
Materials are leading the charge with the likes of South32 (ASX:S32) gaining over 3.5 per cent, while Rio Tinto (ASX:RIO) added over 2.2 per cent.
The S&P/ASX 200 index is 67 points up or 1.2 per cent higher at noon at 5,749.
On the futures market the SPI is 64 points higher.
Japan’s Nikkei has added 0.1 per cent,
Hong Kong’s Hang Seng is not trading and
The Shanghai Composite is not trading for a week long public holiday.
Local economic news
CoreLogic has revealed Sydney property prices fell 0.1 per cent in September, while Hobart saw the most growth most 1.7 per cent, followed by Melbourne with 0.9 per cent. Meantime, national prices grew 0.2 per cent last month and 8 per cent annually, with the median house price coming in around $541,000 [$540,647].
Village Roadshow (ASX:VRL) has inked a deal to sell its remaining 50 per cent stake in the Singapore Cinema Exhibitions business, Golden Village, for $165 million. The sale will result in a net after tax profit of $150 million. The sale will be completed before the close of 2017 to Orange Sky Golden Harvest Entertainment, and take their holding in Golden Village to 100 per cent. Shares in Village Roadshow (ASX:VRL) are trading 2.4 per cent higher at $3.84.
Quantify Technology (ASX:QFY) has signed a deal with Harvey Norman’s (ASX:HVN) largest franchisee to promote and sell it technology products, which is expected to generate $20 million to $30 million in annual sales. Under the agreement Quantify Technology will set up a showroom in Harvey Norman Taren Point in NSW and providing training and engineering support to the Harvey Norman Commercial Division (HNCD). Shares in Harvey Norman (ASX:HVN) are trading 3.99 per cent higher at $4.04.
Best and worst performers
The best performing sector is Materials gaining 1.5 per cent to 10,417. Shares in Western Areas (ASX:WSA) have risen 4.62 per cent and trading at $2.72. Shares in South32 Limited (ASX:S32) and Galaxy Resources Limited (ASX:GXY) are also stronger.
The worst performing sector is Telcos, are flat at 1,231. Shares in Spark New Zealand Limited (ASX:SPK) have fallen 0.75 per cent, trading at $3.31. Shares in Chorus Limited (ASX:CNU) are trading lower while Telstra Corporation (ASX:TLS) is trading flat.
Gold and the dollar
Gold is trading at $US1,277 an ounce and one Australian dollar is buying 78.43 US cents.