(Australian Associated Press)
The share market is higher after the release of better than expected Chinese manufacturing data.
The benchmark S&P/ASX200 index was up 0.2 per cent at 1200 AEST, after opening lower, and initially falling on the numbers from China, which showed growth in its manufacturing sector in May was steady from April.
The data was better than expected, and the index quickly rebounded from its fall to rise to its highest point for the day by midday.
The Australian dollar also got a boost from the Chinese data, rising to a four day high of 74.77 US cents, though it soon retreated to be at 74.62 US cents at midday.
On the share market, the big four banks were higher, with NAB the best performer with a gain of 1.2 per cent.
Healthcare stocks were another area of strength, with Sonic Healthcare up 1.8 per cent, Ramsay Health Care up 1.4 per cent and Healthscope two per cent higher.
Miners and energy producers were offsetting some of those gains, with Rio Tinto down one per cent, BHP Billiton down 0.7 per cent and Santos one per cent lower.
Poker machine distributor Aristocrat Leisure was one of the market’s best performers, up four per cent at a new all-time high of $21.86, following heavy trading during the morning.
ON THE ASX:
* The benchmark S&P/ASX200 was up 11.5 points, or 0.2 per cent, at 5,729.4 points at 1200 AEST.
* The broader All Ordinaries index was up 10.3 points, or 0.18 per cent, at 5,766.3 points.
* The June SPI200 futures contract was up 14 points, or 0.24 per cent, at 5,736 points.
* National turnover was 660 million million securities traded worth $1.9 billion.
CURRENCY SNAPSHOT AT 1200 AEST ON WEDNESDAY
One Australian dollar buys:
* 74.62 US cents, from 74.38 US cents on Tuesday
* 82.79 Japanese yen, from 82.43 yen
* 66.76 euro cents, from 66.83 euro cents
* 58.20 British pence, from 57.98 pence
* 105.09 New Zealand cents, from 105.36 NZ cents
BOND SNAPSHOT AT 1200 AEST:
* CGS 4.50 per cent April 2020, 1.645pct, from 1.647pct on Tuesday
* CGS 4.75pct April 2027, 2.389pct, from 2.391pct
Sydney Futures Exchange prices:
* June 2017 10-year bond futures contract at 97.585 (implying a yield of 2.415pct) from 97.575 (2.425pct)
* June 2017 3-year bond futures contract at 98.31 (1.69pct), unchanged from Tuesday
(*Currency closes taken at 1700 AEST previous local session, bond market closes taken at 1630 AEST previous local session)