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The local market has defied a late selloff on Wall Street to open higher and push up almost 0.4 per cent at midday.
The dip hit all the major US indexes but on the ASX the materials sector led the gains on the back of a welcome uptick in commodities prices.
Also today the ANZ-Roy Morgan consumer confidence index has pushed 0.5 per cent higher for the week with a brighter economic outlook driving sentiment.
The S&P/ASX 200 index is creeping towards the 6,000 point mark, its up 19 points at 5,975. On the futures market the SPI is 19 points higher.
Company news
Biotechnology company Actinogen Limited (ASX:ACW) has seen its share price lift as it announces positive results from a clinical trial of the Xanamem alzheimers dementia drug. The trial saw an initial cohort of 8 patients being dosed with an independent committee being satisfied by its safety and tolerability with dose escalation to go forward. The company says the drug is a promising new therapy for Alzheimer’s disease with the cost of treatment in the US last year estimated at $US250 billion. Shares in Actinogen are trading up 2.38 per cent at $0.086
Perpetual Limited (ASX:PPT) has appointed Mr Ian Hammond to the company’s board having recently retired as a partner at Price Waterhouse Coopers. The financial services company says Mr Hammond brings deep industry knowledge and expertise in financial reporting and risk management and is a fellow of the institute of Chartered Accountants in Australia. Shares in Perpetual are trading down 0.45 per cent at $54.94
Best and worst performers
The best performing sector is materials, gaining 1.1 per cent to 9,362. Shares in Sandfire Resources (ASX:SFR) have risen 6.44 per cent and trading at $4.63. Shares in PanAust Limited (ASX:PNA) and Regis Resources Limited (ASX:RRL) are also stronger.
The worst performing sector is financials excluding REITs, falling 0.1 per cent to 8,338. Shares in Lend Lease Group (ASX:LLC) have fallen 1.33 per cent, trading at $16.38. Shares in Platinum Asset Management Limited (ASX:PTM) and QBE Insurance Group Limited (ASX:QBE) are also lower.
Gold and the dollar
Gold is trading at $US1,189 an ounce.
The Australian dollar is buying $US0.7866.
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