The Australian sharemarket defied weak offshore leads to open higher and is 0.3 per cent up at Midday, boosted by a solid rebound from mining stocks, which are recovering steadily from a week of overselling.
The S&P/ASX 200 index is 9 points up at 4,933. On the futures market the SPI is 3 points lower.
Wilson HTM Investment Group Limited (ASX:WIG)
has confirmed media reports alleging inappropriate conduct from its Managing Director Andrew Coppin. Chairman Steven Skala says while a formal complaint has been lodged against Mr Coppin, he claims he has acted appropriately at all times and at this stage denies the allegations. Wilson has engaged an independent firm to assist in its investigation and insists it will take the appropriate action if necessary. Shares in Wilson HTM are trading down 7.58 per cent at $0.30.
Discovery Metals Limited (ASX:DML)
has entered into a trading halt, pending an announcement in relation to its financial arrangements.
Discovery expects to resume trading on April 23rd. The mining and exploration company shares have shed 14 cents in the last week amid commodity price drops that have pulled the share market down. Discovery Metals shares last traded at $0.34.
Best and worst performers
The best performing sector is Materials gaining 211 points to 8,891. Shares in Sandfire Resources (ASX:SFR)
have risen 10.96 per cent and trading at $5.77. Shares in Imdex Limited (ASX:IMD)
and Western Areas Limited (ASX:WSA)
are also stronger.
The worst performing sector is Consumer Staples, falling 89 points to 10,250. Shares in Wesfarmers Limited (ASX:WES)
have fallen 1.75 per cent, trading at $41.48. Shares in Treasury Wine Estates Limited (ASX:TWE)
and Graincorp Limited (ASX:GNC)
are also lower.
Gold and the dollar
Gold is trading at $US1,394.50 an ounce and the Australian dollar is buying $US1.03.