Following positive leads, the Australian share market has jumped 0.8 per cent at open, on the back strong US leads and supported up by energy stocks.
The S&P/ASX 200 index is 31 points up at 4,159. On the futures market the SPI is 26 points higher.
Origin Energy Limited (ASX:ORG) and joint venture partner ConocoPhillips have agreed to expand their LNG project in Queensland into two production units. Origin estimates the cost to be about $23 billion. The expansion is expected to produce LNG output of 9 million tonnes per year. Shares in Origin are trading up 4.87 per cent at $12.93.
Linc Energy (ASX:LNC) has issued 60 job cuts as it strives to reduce costs and generate a profit next year. The diversified energy company is yet to commercialise its gas-to liquids and coal-gasification technology. Linc announced an increase in its oil production yesterday. Shares in Linc are trading up 2.6 per cent at $0.79.
Best and worst performers
The best performing sector is Energy gaining 338 points to 12,350. Shares in Coalspur Mines Limited (ASX:CPL) have risen 11.2 per cent and trading at $0.70. Shares in Beach Energy and Linc Energy are also stronger.
The worst performing sector is Telco Services, falling 4 points to 1,273. Shares in TPG Telecom Limited (ASX:TPM) have fallen 0.57 per cent, trading at $1.75. Shares in Telstra are lower whilst M2 Telecommunications Group is slightly higher.
Gold and the dollar
Gold is trading at $US1,618 an ounce.
The Australian dollar is buying $US1.032.