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Share market rises amid Trump-Kim summit

Trevor Chappell
The share market has edged higher as investors waited on details from the US-North Korea summit

The Australian share market is trading slightly higher as investors keep a close eye on the summit between US president Donald Trump and North Korea leader Kim Jong-un in Singapore.

The benchmark S&P/ASX200 index was up 17 points, or 0.28 per cent, at 6,062.2 points at 1200 AEST, while the broader All Ordinaries was up 15.1 points, or 0.25 per cent, at 6,171.9 points.

The energy, healthcare, industrial and consumer staples sectors are driving the market's gains, while the mining and utilities sectors are lower.

In Singapore, Trump and Kim have ended their one-on-one talks and are now engaged in an extended bilateral meeting with their staffs.

The pair shook hands before the media prior to the historic summit, in which they will look for ways to end a nuclear stand-off on the Korean peninsula.

On the local market, Coles owner Wesfarmers was up 1.2 per cent at $46.90 after the conglomerate announced that its short-lived and disastrous foray into the UK home improvement sector is over, with the completion of the sale of Homebase.

Energy stocks are making gains despite little change in oil prices, with Woodside Petroleum up 1.1 per cent at $33.845, Santos up 0.8 per cent at $5.94, and Oil Search 0.7 per cent higher at $8.435.

Among the miners, BHP Billiton was down 0.8 per cent at $33.80, Rio Tinto had dropped 1.2 per cent to $85.59 and Fortescue Metals was 1.5 per cent weaker at $4.64.

The big four banks were mixed, with Westpac and National Australia Bank slightly higher, ANZ steady, and Commonwealth bank modestly lower.

Virgin Australia was up 1.2 per cent at 21.75 cents after the airline said chief executive John Borghetti will leave his role in 2020, ending a decade at the company.

AGL Energy was 1.4 per cent weaker at $20.895 after it struck several deals for its proposed liquefied natural gas import jetty at Crib Point in Victoria.

The Australian dollar has crept back above 76 US cents following the release of slightly better than expected housing finance data, in which the number of loan approvals fell by less than economists had forecast.

The local currency was trading at 76.08 US cents at 1200 AEST, up from 75.77 US cents on Friday.

ON THE ASX AT 1200 AEST:

* The benchmark S&P/ASX200 was up 17 points, or 0.28 per cent, at 6,062.2 points

* The broader All Ordinaries index was up 15.1 points, or 0.25 per cent, at 6,171.9 points

* The SPI200 futures contract was up 18 points, or 0.3 per cent, at 6,069 points

* National turnover was 1.2 billion securities traded worth $1.7 billion.