Defying weak leads the Australian share market has edged 0.2 per cent higher; boosted by gains in the telco, utilities and property sectors.
The S&P/ASX 200 index has added 9 points and is sitting at 4,128. On the futures market the SPI is currently 1 point higher.
Shares in Indophil Resources NL (ASX:IRN) have risen after advising the market of regulatory developments in the Philippines, where it is developing the Tampakan copper and gold mine. Indophil says the Philippine Government has now delivered a new mining policy, fuelling hopes a mining moratorium could be lifted. Shares in Indophil Resources have risen 5.71 per cent and are trading at $0.37.
Leighton Holdings Limited (ASX:LEI) has won a $122 million contract for a coal-fired power plant construction project in the Philippines. Leighton’s Asia, India and Offshore Group will work over the next three years to construct a coal storage dome as well as a coal unloading jetty. Shares in Leighton Holdings have pulled back 1.33 per cent and are trading at $16.29.
Best and worst performers
The best performing sector is Telco Services gaining 23 points to 1,317. Shares in Telstra Corporation Limited (ASX:TLS) have risen 2.12 per cent and trading at $3.86. Shares in TPG Telecom Limited (ASX:TPM) and Telecom Corporation of New Zealand (ASX:TEL) are also stronger.
The worst performing sector is Consumer Discretionary, falling 4 points to 1,238. Shares in Myer Holdings Limited (ASX:MYR) have fallen 3.89 per cent, trading at $1.73. Shares in Seven West Media Limited (ASX:SWM) and Tatts Group Limited (ASX:TTS) are also lower.
Gold and the dollar
Gold is trading at $US1,587 an ounce.
The Australian dollar is buying $US1.02.