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The Australian share market spiked at open and is trading 0.5 per cent higher at noon after Wall Street hit new highs overnight. Stronger commodity prices are supporting the mining sector and the retailers are still enjoying a boost from the Federal Budget. A lower oil price has hit the energy sector and financials are being weighed by National Australia Bank Limited (ASX:NAB) trading ex-dividend.
Figures
The S&P/ASX 200 index has gained 27 points and is trading at 5,724. On the futures market the SPI is 43 points higher.
Company news
Oil Search Limited (ASX:OSH) has affirmed its ability to deliver superior shareholder returns following a year of volatility for the oil and gas industry. The Papua New Guinea focussed energy producer has warned second quarter revenues could decline as lower oil prices flow through to LNG pricing. However Oil Search says it is excited about the future and has the potential to double its production by early in the next decade. Shares in Oil Search have slipped 0.92 per cent and are trading at $7.51 at noon.
Rio Tinto Limited (ASX:RIO) has committed an extra $10 million to The Royal Flying Doctor Service. The global mining company says the money will contribute to the cost of its new fleet of jets for Western Australia. Over the past decade Rio Tinto has committed $22.5 million to The Royal Flying Doctor Service in the state. Shares in Rio Tinto have risen 0.54 per cent and are trading at $58.01 at noon.
Best and worst performers
Most sectors are making gains: The best performing sector is consumer discretionary, gaining 1.2 per cent to 2,003. Shares in Slater & Gordon Limited (ASX:SGH) have risen 3.32 per cent and trading at $6.23. Shares in Pacific Brands Limited (ASX:PBG) and Premier Investments Limited (ASX:PMV) are also stronger.
The only sector trading lower is energy, falling 0.5 per cent to 11,602. Shares in Sundance Energy Australia Limited (ASX:SEA) have dropped 5.93 per cent, trading at $0.64. Shares in AWE Limited (AWE) and Whitehaven Coal Limited (ASX:WHC)are also lower.
Gold and the dollar
Gold is buying $US1,219 an ounce.
The Australian dollar is buying $US0.8063.
Thank you for watching the Market at Midday on Friday 15th May, I’m Lelde Smits for the Finance News Network.
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