The Australian sharemarket advanced this morning led by strong gains across the materials and energy sectors. All sectors are in the green, with utilities gaining the least.
Energy stock are leading led by Woodside Petroleum (ASX:WPL)
rising 2.8 per cent to $25.75, while Santos (ASX:STO)
is up 2.7 per cent at $7.38 and Beach Energy (ASX:BPT)
is trading 2.6 per cent higher at $1.51.
Fortescue Metals (ASX:FMG)
is leading the miners by 4 per cent higher at $20.51, followed by Rio Tinto (ASX:RIO)
, up 3 per cent at $112.06, then BHP (ASX:BHP)
trading 2.2 per cent higher at $45.90.
Gold miners are lifting with Northern Star (ASX:NST)
up 2 per cent at $8.64, Evolution Mining (ASX:EVN)
has added 1.3 per cent at $3.62 and Newcrest Mining (ASX:NCM)
is trading 1.2 per cent higher at $22.56.
Meanwhile major banks are higher led by Macquarie (ASX:MQG)
trading 1.8 per cent higher at $192.04. Commonwealth Bank (ASX:CBA)
has added 0.8 per cent at $94.69, same with ANZ Banking (ASX:ANZ)
up 0.8 per cent at $26.73, while Westpac (ASX:WBC)
is up 0.6 per cent at $20.52 and National Australia Bank (ASX:NAB)
is trading 0.5 per cent higher at $27.78.
In the tech space, Block (ASX:SQ2)
is trading 3.1 per cent lower at $166.00, Zip Co. (ASX:Z1P)
is down 2.3 per cent at $3.22, while shares in Afterpay (ASX:APT)
are trading flat at $66.47.
In company news, Telstra (ASX:TLS)
plans to invest between $1.4 billion and $1.6 billion over the next five years in two major telecommunications infrastructure projects. Shares are trading 1 per cent higher at $3.98.
Global packaging company Amcor (ASX:AMC)
confirmed its full-year guidance after a strong first half which saw earnings and sales rise, while also announcing an expansion of its share repurchases. Shares fell 3.9 per cent to $16.30.
Sandfire Resources (ASX:SFR)
completed its acquisition of the MATSA mining complex in south-western Spain. Shares are up 1 per cent to $6.78.
At noon, the S&P/ASX 200 is 1.2 per cent or 85.6 points higher at 7091.6. The SPI futures are pointing to a rise of 88 points.Local economic news
Today the RBA Governor Philip Lowe is slated to deliver a speech at the National Press Club in Sydney at 12.30pm AEDT.Best and worst performers
The best-performing sector is Energy, up 2.5 per cent. The sector with the fewest gains is Utilities, up 0.4 per cent.
The best-performing stock in the S&P/ASX 200 is PolyNovo (ASX:PNV)
, trading 5.6 per cent higher at $1.43. It is followed by shares in Champion Iron (ASX:CIA)
and Pilbara Minerals (ASX:PLS)
The worst-performing stock in the S&P/ASX 200 is Credit Corp Group (ASX:CCP)
, trading 3.9 per cent lower at $33.48. It is followed by shares in PointsBet Holdings (ASX:PBH)
and Amcor (ASX:AMC)
.Commodities and the dollar
Gold is trading at US$1802.40 an ounce.
One Australian dollar is buying 71.41 US cents.