The Australian sharemarket opened lower but has risen into positive territory before lunch thanks to energy and mining stocks. At noon, the ASX/200 is 0.5 per cent or 33 points higher at 7,307. The SPI futures are pointing to a rise of 39 points.
Across the sectors, 8 out of 11 are in the black. Energy is dominating, up 2.6 per cent, with materials adding 1.9 per cent. Tech and health are both up 0.3 per cent, while financials and industrials are down 0.2 and 0.3 per cent.
Oil stocks are rallying, with Woodside Petroleum (ASX:WPL)
up 3.1 per cent, Santos (ASX:STO)
up 2.3 per cent and Oil Search (ASX:OSH)
up 2.7 per cent. Iron ore prices are stable, with BHP (ASX:BHP)
up 2.6 per cent, Fortescue (ASX:FMG)
up 3.3 per cent, Rio Tinto (ASX:RIO)
up 3 per cent and Champion Iron (ASX:CIA)
up 5.6 per cent.
Metal recycling company Sims (ASX:SGM)
is trading 6 per cent higher as the best-performing stock, while Premier Investments (ASX:PMV)
is trading 4.5 per cent lower as the worst-performing stock.
In headlines, Westpac (ASX:WBC)
is trading 0.9 per cent lower after confirming its Pacific sale has been terminated. Medical wholesaler EBOS (ASX:EBO)
is up 2.7 per cent following its appointment of Julie Dillion as CEO for animal care.Company news
Medical wholesaler EBOS (ASX:EBO)
welcomes Julie Dillion from Colgate-Palmolive as its new CEO for animal care.
has officially terminated its agreement with Kina Securities for the sale of its Pacific businesses.Best and worst performers
The best-performing sector is Energy, up 2.6 per cent. The worst-performing sector is Industrials, down 0.3 per cent.
The best-performing stock in the S&P/ASX 200 is Sims (ASX:SGM)
, trading 6 per cent higher at $13.64. It is followed by shares in Worley (ASX:WOR)
and Champion Iron (ASX:CIA)
The worst-performing stock in the S&P/ASX 200 is Premier Investments (ASX:PMV)
, trading 4.5 per cent lower at $26.82. It is followed by shares in AusNet Services (ASX:AST)
and IPH (ASX:IPH)
.Commodities and the dollar
Gold is trading at US$1776.86 an ounce.
Iron ore is 0.1 per cent higher at US$93.03 a ton.
Iron ore futures are pointing to a fall of 2.2 per cent.
One Australian dollar is buying 72.50 US cents.