The Aussie market is faring quite well so far today, with the XJO currently 30 points (+0.7%) above water, at 4390.
The gains are widespread, with materials, telcos and industrials the best performers, whilst healthcare and IT are the weakest links.
In economic news, new home sales plunged to their lowest since May 1994 in the latest sign of Australia’s struggling real estate sector.
Sales of new homes sank 9.4% in March, to 5443 homes nationwide, following a 3% rise in February, according to the Housing Industry Association. Monthly sales were in excess of 7500 homes as recently as May.
In company news, Spotless Group has jumped 4.5% after announcing that it has received an improved takeover bid from Private Equity Partners (PEP) of $2.71 per share.
Elsewhere, Lynas Corporation is up 1.4% after announcing that construction of it rare earth plant in Malaysia is 98% complete, with the first feed to the kiln by the end of the 2Q.
Around the region, Asian markets are mixed; the Hang Seng is up 1.1%, whilst the Nikkei (-0.4%) and Shanghai Composite (-0.4%) are weaker.