Following another run of record highs by major indexes on Wall street, the Australian share market has pushed higher and is almost half a per cent up at noon.
The gains come on the back of a strong close yesterday while the Aussie dollar has contracted this morning to $US0.9388. The dollar’s slide was pushed by poor retail trade figures as well as comments by Reserve Bank governor Glenn Stevens that the Australian dollar is well and truly over-valued.
Focus now turns to the US job figures that are released tonight Australia time, just ahead of the July 4 holiday in the US.
The S&P/ASX 200 index is 29 points up at 5,485. On the futures market the SPI is 35 points higher.
Economic news
The Australian Bureau of statistics has reported that retail sales are down while building approvals are up. Retail sales sunk half a per cent in May, which was above expectations and suggests fading consumer confidence. Meanwhile building approvals are up 9.9 per cent seasonally adjusted.
Company news
Cromwell Group (ASX:CMW) has confirmed that it is in discussions with Invesco Real Estate about the sale of 321 Exhibition street in Melbourne.
Southern Cross Electrical Engineering (ASX:SXE) has won a contract for works at the Yarnima Power Station.
Best and worst performers
The best performing sector is materials gaining 0.9 per cent to 10,008. Shares in Western Areas Limited (ASX:WSA) have risen 6.67 per cent and trading at $5.12. Shares in Mount Gibson Iron Limited (ASX:MGX) and Alumina Limited (ASX:AWC) are also stronger.
The worst performing sector is utilities, falling 0.2 per cent to 5,961. Shares in DUET Group (ASX:DUE) have fallen 0.62 per cent, trading at $2.42. Shares in APA Group (ASX:APA) and Spark Infrastructure Group (ASX:SKI) are also lower.