AngloGold Ashanti (ASX:AGG) completes sale of Sadiola mine: ASX tracking 1.1% higher at noon

Market Reports

by Melissa Darmawan

The Australian share market opened lower this morning but has now rebounded, with the S&P/ASX 200 Index tracking 70 points up or 1.1 per cent higher to 6,657 at noon. All of the sectors are in the black. Shares in Evolution Mining (ASX:EVN) are performing well, while shares in Link Administration Holdings (ASX:LNK) dropped 14.1 per cent following news of SS&C Technology withdrawing its proposal to acquire shares in the company. On the futures market, the SPI is 41 points higher.

Company news

Global gold miners AngloGold Ashanti (ASX:AGG) with joint venture partner IAMGOLD has completed the sale of interests in the Sadiola Mine in Africa to Allied Gold Corporation. The company and IAMGOLD previously held a 41 per cent interest in the mine with 18 per cent interest held by the Republic of Mali. The proceeds from the sale are US$50 million. Shares in AngloGold Ashanti (ASX:AGG) trading flat at $6.06.

Best and worst performers

All the sectors are in the black. The sector with the most gains is consumer discretionary rising 1.4 per cent and the sector with the fewest gains is energy adding 0.1 per cent.

The best performing stock in the S&P/ASX 200 is Evolution Mining (ASX:EVN) rising 4.3 per cent to $5.21 followed by shares in IDP Education (ASX:IEL) and Silver Lake Resources (ASX:SLR).

The worst performing stock in the S&P/ASX 200 is Link Administration Holdings (ASX:LNK) dropping almost 14.1 per cent to $4.77 followed by shares in Corporate Travel (ASX:CTD) and Whitehaven Coal (ASX:BKL).

Commodities and the dollar

Gold is trading at US$1,917 an ounce.
Iron ore futures are suggesting a rise of 0.6 per cent.
One Australian dollar is buying US$0.77.