The Australian share market has started the first session of the week higher, pulled up by positive leads and strength in the mining sector. Overseas markets gained at the end of last week as investors breathed a sigh of relief from the latest Chinese quarterly growth figures and the Dow and S&P 500 snapped a six-day losing streak on upbeat corporate earnings.
The S&P/ASX 200 index is currently trading 31 points higher at 4,113. On the futures market the SPI is 28 points higher.
Sandfire Resources NL (ASX:SFR) has announced the maiden oxide copper ore reserve for its wholly owned DeGrussa open pit in Western Australia. The mineral explorer says it has now started the design studies and statutory approvals process for the oxide processing plant and infrastructure. Sandfire is targeting to start processing oxide copper reserves by mid next year, to provide a low cost addition to its copper production profile. Shares in Sandfire Resources are trading 0.43 per cent higher at $7.03.
Shares in Northern Star Resources Limited (ASX:NST) have gained after reporting a 43 per cent increase in gold production and a 29 per cent reduction in cash costs from its Paulsens Gold Mine in the June quarter. The gold producing company has also affirmed it is on track to hit its production guidance this calendar year and says its expansion also remains on track and on budget. Shares in Northern Star Resources have gained 6.49 per cent and are trading at $0.82.
Best and worst performers
All sectors are trading in positive territory: The best performing sector is Materials gaining 120 points to 9,205. Shares in Intrepid Mines Limited (ASX:IAU) have risen 11.34 per cent and trading at $0.54. Shares in Arrium Limited (ASX:ARI) and Discovery Metals Limited (ASX:DML) are also stronger.
The sector with the smallest gains is Telco Services, adding 3 points to 1,317. Shares in Telecom Corporation of New Zealand (ASX:TEL) have fallen 1.77 per cent, trading at $1.95. Shares in Telstra Corporation Limited (ASX:TLS) and TPG Telecom Limited (ASX:TPM) are slightly higher.
Gold and the dollar
Gold is trading at $US1,585 an ounce.
The Australian dollar is buying $US1.022.