Charging ahead: Aus shares 0.63% higher at noon

Market Reports

by Jessica Amir

The Australian share market is having a stellar day of trade tracking over a sixth of a per cent higher on the back of Wall Street soaring, with the Dow up 255 points on tax reform hopes, despite North Korea firing a ballistic missile.

At the open the ASX200 flew above the 6,020 point mark, with all the sectors charging forth while Utilities and Consumer Discretionary led the rally.

A lot of charge is coming from the mining sector too, with Galaxy Resources (ASX:GXY) shares gaining over 3.2 per cent after it inked long-term agreements to sell a minimum of 200,000 tonnes of lithium concentrate per year, to multiple Asia customers over five years. The bulk of material players are also mustering up after the iron ore price further improved with the likes of Fortescue Metals (ASX:FMG) gaining over 1 per cent, and BHP (ASX:BHP) is not that far behind either.

In the consumer staples space, a lot of shine is coming through too, with the likes of Bega Cheese (ASX:BGA) and Costa Group (ASX:CGC) gaining over 3 per cent.

The S&P/ASX 200 index was 38 points up or 0.63 per cent higher at 6,022 at noon.

On the futures market the SPI is 43 points higher.

More company news

Australia’s largest insurer, QBE (ASX:QBE) announced it will sell all of its 2.4 per cent US dollar senior notes on 29 December this year. The notes are due to expire on 1 May 2018. Shares in QBE are trading about 0.5 per cent lower at $10.69.

And a suite of Webjet (ASX:WEB) buying has been taking place, with some directors buying $2.5 million in the company. It comes just a day after the company advised its now focusing on driving business to customer (B2C) growth to bolster its market share. Its shares are now trading about 1.7 per cent higher at $9.67.

And Online video subscription company, Big Un (ASX:BIG) shares are soaring about 4.4 per cent higher, after it advised shareholders that despite its share price fluctuation, its operations and strategy are strong and on track. Just yesterday it announced its revenue run rate will grow to US$15.3 million by the end of this financial year. Its shares are traded at $3.54.

IPOs 

Bio-Gene Technology (ASX:BGT) started trading today. The biotechnology company floated with an issue price of 20 cents, opened at 20.5 cents and is currently trading higher at 21.5 cents

Best and worst performers

The best performing sector is Utilites, gaining 2.2 per cent to 8,769. Shares in AGL Energy (ASX:AGL) have risen 3.1 per cent and trading at $25.29. Shares in Infigen Energy (ASX:IFN) and Apa Group (ASX:APA) are also stronger.

The worst performing sector and the only one in the red is Industrials falling 0.1 per cent to 6,069. Shares in ALS (ASX:ALQ) have fallen 2.3 per cent, trading at $6.96. Shares in Transurban Group (ASX:TCL) and Sydney Airport (ASX:SYD) are also lower.

Gold and the dollar

Gold is trading at $US1,294 an ounce and one Australian dollar is buying 75.98 US cents.
 

Jessica Amir

Finance News Network
Jessica is a senior finance journalist and presents the Market Outlook, Market at Midday and Market Wrap. She also presents ASX company news and interviews CEOs. She joined FNN in January 2017 with six years of broadcast journalism experience. She worked as a journalist and producer with Sky News Business, ABC 1, ABC's The Business and ABC24. She also worked in regional Australia for Prime 7 and WIN News as a TV reporter. In her prior life she worked as a financial planner.