1. Most Discussed
  2. Gainers & Losers
TCL 43.5¢

News: Midday: Aus shares defy weak lead

  1. The Australian share market has shaken off negative leads from overseas markets with mining and energy stocks posting strong gains to take the local bourse 0.42 per cent higher at noon. 
    The S&P/ASX 200 index is 25 points up at 5,614. On the futures market the SPI is 19 points higher. 
    Economic news

    The CoreLogic RP Data Home Values Index shows combined capital city house prices continue to rise, up 1.3 per cent in January. Melbourne house prices lead the way up 2.7 per cent, dark horse Hobart posted a 1.6 per cent increase whilst Sydney was also a standout, up 1.4 per cent. Darwin, Adelaide and Perth reported declines over the month. 
    Company news
    Transurban Group Limited (ASX:TCL) has achieved financial close on the NorthConnex project in Sydney, New South Wales. An unsolicited proposal to the NSW Government nearly three years ago has resulted in the $2.9 billion contract for the construction of twin tunnels to link the M1 and M2 Motorways. The link is expected to take 5000 trucks a day off the Pennant Hills Road. The design and construction contract has been awarded to a joint venture between Lend Lease and a French infrastructure firm. Along with the Westlink M7, NorthConnex will be owned by an umbrella entity, North West Roads Group, 50 per cent owned by Transurban. Shares in Transurban are trading up 0.43 per cent at $9.25. 
    Biotech company Bionomics Limited (ASX:BNO) will undergo trials of its BNC210 drug for the treatment of anxiety and depression. Tests will take place in France with 50 male volunteers and hopes are that the drug will remain devoid of the considerable side effects shown by current treatments. A phase 2 study will commence as well with data anticipated by September this year. Bionomics hopes the trials will result in a good case for partnering agreements. Shares in Bionomics are trading flat at $0.42.
    Best and worst performers

    The best performing sector is energy, gaining 1.8 per cent to 11,047. Shares in Horizon Oil have risen 10 per cent and are trading at $0.14. Shares in Drillsearch and Senex Energy are also stronger. 
    The worst performing sector is telco services, falling 0.4 per cent to 2,251. Shares in iiNet have fallen 2.27 per cent, trading at $7.33. Shares in Singapore Telecom and Vocus Communications are also lower. 
    Gold and the dollar

    Gold is trading at $US1,281 an ounce.
    The Australian dollar is buying 77.82 US cents.

Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.


Thank you for visiting HotCopper

We have detected that you are running ad blocking software.

HotCopper relies on revenue generated from advertisers. Kindly disable your ad blocking software to return to the HotCopper website.

I understand, I have disabled my ad blocker. Let me in!

Need help? Click here for support.