The Australian share market opened higher with materials and energy on the rise. News from AGL’s (ASX:AGL) AGM is pleasing investors. Oil prices lifted overnight. Utilities are leading the pack meanwhile Healthcare is still dragging - Australian Pharmaceutical Industries have dropped 8.8 per cent.The S&P/ASX 200 index is 0.1 per cent higher or 7 points up at 6193. On the futures market the SPI is 8 points lower.
Local economic news
The Australian Bureau of Statistics have released a report for gender Indicators. One in every six CEOs of non-public sector organisations is a woman and the rate is increasing slowly.The proportion of female CEOs increased by less than 1 per cent point to 16.5 per cent between 2013-14 and 2016-17.This is despite young women continuing to achieve higher levels of education than young men.
Engineering Construction Activity for the quarter.
The trend estimate for the value of total work done rose 2.5 per cent in the June 2018 quarter.The trend estimate for the value of work done for the private sector rose 1.9 per cent in the June quarter.
AGL (ASX:AGL) are holding their AGM in Melbourne today. The power giant has given no indication of plans to change any of its current strategy including the 2022 closure of the Liddell coal-fired power station in NSW. Interim chief executive Brett Redman says there is no question in his mind that the coal fired generation and its continued responsible operation will be fundamental to Australia’s energy system. At least in the medium term.Former CEO Andrew Vesey stepped down last month – the same day Malcolm Turnbull was axed as Prime Minister last month, after growing tensions with Canberra over energy policy and the National Energy Guarantee. Shares in AGL (ASX:AGL) 2.5 per cent higher at $19.71
Best and worst performers
The best performing sector is Utilities adding 1.4 per cent, while the worst performing sector is Healthcare, shedding 0.8 per cent.
The best performing stock in the S&P/ASX 200 is St Barbara (ASX:SBM), rising 7.2 per cent to $3.54, followed by shares in Bellamy’s Australia (ASX:BAL) and Raptor (ASX:RPL).
The worst performing stock in the S&P/ASX 200 is Australian Pharmaceutical Industries (ASX:API), dropping 8.8 per cent to $1.73, followed by shares in Syrah Resources (ASX:SYR) and Iluka Resources (ASX:ILU).
Japan’s Nikkei has lost 0.2 per cent, Hong Kong’s Hang Seng has added 0.6 per cent and the Shanghai Composite has gained 0.2 per cent.
Commodities and the dollar
Gold is trading at US$1,202 an ounce.
Iron ore price rose 0.2 per cent to US$69.24 and its futures are pointing to a rise of 1.4 per cent.
One Australian dollar is buying 72.76 US cents.
Some of the most traded cryptocurrencies are trading mixed. Bitcoin has fallen 0.9 per cent to US$6425, Ethereum fallen about 5.5 per cent to US$211 and XRP 6.2 per cent higher at $0.50.