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Despite weak leads from Wall Street the Australian share market has pushed past an early dip to jump 0.7 per cent higher at noon. 

 

Escalating tensions in Yemen have seen the oil price spike on the likelihood of Saudi Arabian oil shipments being disrupted. 

 

Local energy producers have gained as has the utilities sector while the major banks have all recovered somewhat from yesterday’s selloff.

 

The S&P/ASX 200 index is 42 points up at 5,921. On the futures market the SPI is 38 points higher.

 

Company news

 

Shares in Watpac Limited (ASX:WTP) have lifted on news its finalised the$50 million  contract for the Stage 2 delivery of the Queensland State Velodrome in Brisbane. Managing Director Martin Monro says the company is proud to be building this world class facility which will be used by some of the world’s leading cyclists. Shares in Watpac are trading up 3.25 per cent at $0.80. 

 

Crowd-sourced news service Newzulu Limited (ASX:NWZ) has inked an agreement with Scoopshot to syndicate its products with Newzulu agency partners. The company says a revenue share basis will underline the deal while Scoopshot will also integrate the company’s live streaming function into its mobile applications. Shares in Newzulu are trading up 5.56 per cent at $0.10

 

Best and worst performers

All major sectors are higher today, the best performing sector is utilites, gaining 1.7 per cent to 6,609. Shares in AGL Energy Limited (ASX:AGL) have risen 2.1 per cent and trading at $15.04. Shares in Spark Infrastructure Group (ASX:SKI) and APA Group (ASX:APA) are also stronger.

 

The sector with the least losses is financials excluding REITs, falling 0.4 per cent to 8,258. Shares in Bank of Queensland Limited (ASX:BOQ) have fallen 1.87 per cent, trading at $13.63. Shares in Genworth Mortgage Insurance Australia (ASX:GMA) and ASX Limited (ASX:ASX) are also lower.

 

IPO

Sky Dive the Beach Group Limited (ASX:SKB) started trading today. The skydiving tour company floated with an issue price of $0.25, opened at $0.31 and is currently trading at $0.335

 

Gold and the dollar

Gold is trading at $US1,204 an ounce.

The Australian dollar is buying $US0.7822