After mixed leads the Australian share market opened higher and is trading 0.3 per cent up at noon amid optimism this week’s central bank meetings will produce some plans for financial stimulus.
The S&P/ASX 200 index has gained 14 points this morning and is trading at 4,260. On the futures market the SPI is currently 13 points higher.
Lynas Corporation Limited (ASX:LYC) says the first phase of constructing its Malaysian plant was completed in the June quarter and the second phase is on track to be finished early next year. The rare earths developer has also revealed the forecast final cost of the plant has risen by $4 million because of claims from subcontractors and extra project management costs. Lynas’s June quarterly activities report says there will be no change to the expected capital cost or timing of its phase two expansion. Shares in Lynas Corporation have dipped 0.67 per cent and are trading at $0.74.
Shares in Aquila Resources Limited (ASX:AQA) have jumped as the coal company announced its Anketell Port development has been supported by the Environmental Protection Authority. Subject to a number of conditions the environmental authority has recommended to the Western Australian minister for environment that the Anketell Port proposal be approved. Aquila advises that the port is an integral part of its West Pilbara Iron Ore Project in which Aquila holds a 50 per cent interest. Shares in Aquila Resources have jumped 8.42 per cent and are trading at $2.19.
Best and worst performers
The best performing sector is Energy gaining 157 points to 12,216. Shares in Linc Energy Limited (ASX:LNC) have risen 5.21 per cent and trading at $0.51. Shares in Beach Energy Limited (ASX:BPT) and Origin Energy Limited (ASX:ORG) are also stronger.
The worst performing sector is Consumer Discretionary, falling 5 points to 1,261. Shares in Navitas Limited (ASX:NVT) have fallen 7.23 per cent, trading at $3.85. Shares in Ten Network Holdings Limited (ASX:TEN) and Tatts Group Limited (ASX:TTS) are also lower.
Gold and the dollar
Gold is trading at $US1,624 an ounce.
The Australian dollar is buying $US1.051.