Back above 6,000: Aus shares 0.35% higher at noon

Market Reports

by Jessica Amir

The Australian share market started the trading week on the front foot, with the majority of sectors pushing higher, leaving us with midday gains of over a third of a per cent, with the ASX200 back at the milestone 6,000 point mark.

It comes as we have seen solid gains from Utilities, Healthcare and Industrial stocks. The likes of Downer EDI (ASX:DOW) is seeing some of the biggest shine, rising over 4.7 per cent after it announced cost savings from its majority stake in Spotless Group (ASX:SPO) noting it will make $25 million of savings, plus see opportunities for more revenue than expected.

In the Financials space, Macquarie Group (ASX:MQG) gained almost 1 per cent and is now trading around $100.29. Macquarie is also leading all of the banks and the big four higher.

We are also enjoying a bout of positive sentiment after Wall Street closed higher on Friday, the iron ore lifted over 1 per cent and the oil price is holding onto its 2 year high.

The S&P/ASX 200 index is 21 points up or 0.35 per cent higher at 6,004.

On the futures market the SPI is 19 points higher.

To company news

Online video subscription company, Big Un (ASX:BIG) has forecast that it will have a revenue run rate of US$15.3 million with 6,800 US customers by the end of this finanical year. Just this quarter over 800 new US customers were onboarded, following the establishment of two sales centres, with expansions in Austin, Texas and LA and Californian. Shares in Big Un are trading 4.3 per cent lower at $4.03.

And a Dubai based consulting firm has increased its majority stake in resources and energy company WorleyParsons (ASX:WOR). Dar Al-Handasah purchased additional shares in WorleyParsons, taking its voting power in the firm to 19.9 per cent up from about 15.15 per cent. WorleyParsons shares are trading 3.5 per cent higher at $15.42.

Best and worst performers

The best performing sector is Utilites, gaining 1.4 per cent to 8,487. Shares in AGL Energy (ASX:AGL) have risen 1.8 per cent and trading at $24.32. Shares in Spark Infrastructure GROUP (ASX:SKI) and APA Group (ASX:APA) are also stronger.

The worst performing sector is Consumer Discretionary, falling 0.2 per cent to 2,267. Shares in Webjet (ASX:WEB) have fallen 2.2 per cent, trading at $9.27. Shares in Seven West Media (ASX:SWM) and Flight Centre Travel Group (ASX:FLT) are also lower.

Gold and the dollar

Gold is trading at $US1,287 an ounce and one Australian dollar is buying 76.07 US cents.