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Despite soft leads the Australian share market spiked almost 1 per cent in morning trade and is 0.5 per cent higher at noon. While most sectors have lifted the benchmark has come off its highs on the back of weakness among utilities and resources. The Big Four Banks are all trading stronger and supporting the broader bourse into positive territory.
Figures
The S&P/ASX 200 index is trading 24 points higher at 5,279. On the futures market the SPI is 29 points stronger.
Company news
Commonwealth Bank of Australia (ASX:CBA) has opened an Innovation Lab at its Sydney headquarters. The bank says the Innovation Lab will focus on developing cutting-edge products, services and solutions in collaboration with customers, partners, start-ups and industry experts. Reports speculate CBA’s hub has cost $4 million and comes after Westpac Banking Corporation (ASX:WBC) opened a $5 million innovation centre last month. Shares in Commonwealth Bank of Australia are trading 0.78 per cent stronger at $76.52 at noon.
National Australia Bank Limited (ASX:NAB) says its own state-of-the-art community and business space has attracted more than 1,000 members in its first six months. The bank’s space is called The Village, opened in the centre of Melbourne in February and has capacity for more than 100 customers to work on-site at the same time. Membership of The Village is free and aimed at creating an environment where small business and community partners can connect, share and learn from each other. Shares in National Australia Bank are trading 0.58 per cent stronger at $33.07 at noon.
Best and worst performers
Most sectors are trading higher: The best performing sector is financials excluding real estate investment trusts, gaining 0.8 per cent to 6,976. Shares in FlexiGroup Limited (ASX:FXL) have risen 3.64 per cent and trading at $3.42. Shares in Steadfast Group Limited (ASX:SDF) and Magellan Financial Group Limited (ASX:MFG) are also stronger.
The worst performing sector is utilities, easing 0.2 per cent to 5,824. Shares in APA Group (ASX:APA) have fallen 0.47 per cent, trading at $7.42. Shares in AGL Energy Limited (ASX:AGK) are also lower while shares in DUET Group (ASX:DUE) are slightly higher at noon.
Gold and the dollar
Gold is buying $US1,239 an ounce.
The Australian dollar is buying $US0.8774.
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