Local shares are looking to rebound from losses in the previous two sessions this week. The ASX 200 is lifting 12 points or 0.2% to 6138 heading towards lunchtime.
It was a flat start for the main index with gains in the resource sectors offset by early weakness for the financials. Base metals were mostly higher in overnight trade and crude oil is holding around 4-year highs.
Among the miners, gold miners are making the largest percentage increases with the price of the precious metal jumping. St Barbara (SBM) is 7.4% higher, Northern Star (NST) lifting 4% and Newcrest Mining (NCM) up 2.5%. Meanwhile Fortescue Metals (FMG) is sliding 4% on a broker downgrade.
After starting the session weaker, financials are improving as the session progresses. The performance of the big four banks are mixed with the Commonwealth Bank (CBA) the best of the majors, advancing 0.5% while National Bank (NAB) is lagging behind.
Shopping centre operator, Vicinity Centres (VCX) has sold 11 centres for a total of $631 million with ten of its neighbourhood centres sold to fellow ASX-listed operator SCA Properties (SCP) for $573 million. VCX is 1.2% weaker while SCP is in a trading halt as it looks to fund the acquisition via a new debt facility and $259 million capital raising.
Afterpay Touch (APT) is climbing 1.1% after announcing after market close yesterday it is selling its European eServices business for $7.5 million.
ASX Ltd (ASX) is down 1.2% after announcing Gillian Larkins as new CFO. Ms Larkins was formerly the CFO at Perpetual (PPT), who will be succeeded by Chris Green. PPT shares are down 1%.
The Aussie dollar initially fell to 71.7 US cents following the weaker than expected building approvals for the month of August and compared to a year earlier. It has sincerebounded to 71.91 US cents as concerns over Italy’s budget deficit subside.
At lunch, 1.1B units have traded worth $1.9B with 554 stocks higher, 421 lower and 345 unchanged.
Published by James Tao, CommSec