Despite negative leads from US markets and a tumbling iron ore price, the Australian share market opened higher and is 0.61 per cent up at noon ahead of the four day Easter holiday.
Gains in the energy and health care sectors and favour in the big four banks is adding to market spirit though pressure on metals prices could limit gains ahead of close.
The S&P/ASX 200 index is 36 points up at 5,896. On the futures market the SPI is 47 points higher.
Company news
QBE Insurance Group Limited
(ASX:QBE) have reported a return to profitability and a strengthened balance sheet after a few years of disappointing results. The QBE board has been refreshed after a number of retirements and Chairman Marty Becker says much of the heavy lifting of the turnaround is now complete. Mr Becker also said investors can expect an increased dividend payout this year. Shares in QBE are trading up 3.44 per cent at $13.23.
Cancer drug developer Novogen Limited
(ASX:NRT) say they have appointed an US public relations firm to help gain US investment. The company is hoping to ride the wave of positive results its recent drug developments have produced as it heads towards the first in-human tests of its cancer therapies. Shares in Novogen are trading flat at $0.23.
Best and worst performers
The best performing sector is real estate investment trusts, gaining 1.1 per cent to 1,302. Shares in Charter Hall have risen 1.77 per cent and trading at $5.18 after reporting it has secured the Maroubra Shopping Centre in Sydney for $137 milllion. Shares in Mirvac Group and Westfield are also stronger.
The only sector making losses so far today is consumer staples falling 0.4 per cent to 9,243. Shares in Woolworths have fallen 0.75 per cent, trading at $28.98. Shares in Wesfarmers are down while Metcash is up.
Gold and the dollar
Gold is trading at $US1,203 an ounce.
The Australian dollar is buying 75.84 US cents.