It is a third straight session in the black for the Australian share market, following positive leads from Wall Street and now tracking 0.14 per cent higher in the first two hours of trade. The energy space is leading the charge after the price of oil jumped once again last night, with the likes of Santos gaining more than 3 per cent. The gold space has also seen a small rebound with the price of the precious metal gaining some ground overnight.
The S&P/ASX 200 index is 8 points up at 5,443. On the futures market the SPI is 17 points higher.
Economic newsUnemployment in Australia has fallen to 5.6 per cent, according to latest figures from the Australian Bureau of Statistics. The fall has been attributed to a drop in the participation rate and an estimate of 9,800 jobs lost.
Company newsCrown Resorts Limited
(ASX:CWN) says it has endorsed the implementation of a potential IPO of a 49 per cent interest in some of its Australian hotels and associated retail property. The hotel giant says the IPO could realise significant value for its shareholders, while providing the ability to maintain a majority interest in key assets in the Australian business. Meantime the company’s share price has taken a tumble over the past few days after 18 of its employees were detained in China. Shares in Crown Resorts are trading down 2.73 per cent at $10.70.
Auckland Airport Limited
(ASX:AIA) says it expects FY17’s underlying net profit to come in at between $230 to $240 million, an improvement on FY16’s $212.7 million figure. The airport says the guidance would deliver an increase in underlying earnings per share of between 8.1 per cent and 12.8 per cent. Shares in Auckland Airport are trading up 0.32 per cent at $6.20.
Best and worst performersThe best performing sector is Energy, gaining 1.2 per cent to 8,712. Shares in Worley Parsons have risen 4.86 per cent and trading at $9.49. Shares in Santos and Beach Energy are also stronger.
The worst performing sector is REITs, falling 0.7 per cent to 1,355. Shares in Vicinity Centres have fallen 1.33 per cent, trading at $2.96. Shares in Westfield and Scentre Group are also lower.
IPOsCreso Pharma Limited
(ASX:CPH) started trading today. The medicinal cannabis company floated with an issue price of $0.20, opened at $0.25 and is currently trading at $0.26.
Gold and the dollarGold is trading at $US1,269 an ounce.
The Australian dollar is buying $US0.7713.
