Following positive leads, the Australian share market opened higher and is 1 per cent up at noon.
The S&P/ASX 200 index is 44 points up at 4,168. On the futures market the SPI is 40 points higher.
Company news
Woodside Petroleum Limited (ASX:WPL) has recorded a 43 per cent increase in second quarter production. The oil and gas company says its results are due to the improvement of its Pluto plant and high reliability from its core businesses. Shares in Woodside Petroleum are trading up 6.22 per cent at $32.27.
Fairfax Media Limited (ASX:FXJ) has appointed Jack Cowin as an independent director to its board. The media company says Mr Cowin’s position is effective immediately. Mr Cowin is the founder and chairman of Competitive Foods Australia and has been a director of Ten Network Holdings since 1988. Shares in Fairfax Media are trading up 0.44 per cent at $0.57.
Best and worst performers
The best performing sector is Energy gaining 371 points to 11,933. Whitehaven Coal Limited (ASX:WHC) have risen 4.94 per cent and trading at $4.04. Shares in Paladin Energy Limited (ASX:PDN) and shares in Beach Energy Limited (ASX:BPT) are also stronger.
The sector with the smallest gains is Consumer Discretionary, gaining 6 points to 1,244. Shares in Seven West Media Limited (ASX:SWM) have fallen 4.94 per cent and are trading at $1.45. Shares in Southern Cross Media Group (ASX:SXL) were lower while Pacific Brands Limited (ASX:PBG) were slightly higher.
Gold and the dollar
Gold is trading at $US1,576 an ounce.
The Australian dollar is buying $US1.03.