The local share market followed US and European markets higher this morning as threats of instability from Greece are downplayed. At midday the local bourse was up 0.6 per cent.
Pacific Brands pushed higher on an upbeat forecast for the year while the miners suffered on weakening iron ore and oil prices.
The S&P/ASX 200 index is 35 points up at 5,551. On the futures market the SPI is 20 points higher.
Economic news
The ABS has reported a slimmer trade deficit for May as the balance on goods and services pulls back 33 per cent to a deficit of $2.75 billion.
Company news
Shares in Alliance Resources Limited
(ASX:AGS) have surged as it received an increased offer from Quasar Resources PTY Limited for its interest in the Four Mile Uranium project. The uranium miner has been offered $71.3 million which is up from the $57.6 million that was offered earlier but rejected. The company’s board is currently seeking advice on the offer and will wait till then to decide. Shares in Alliance are trading up 48.15 per cent at $0.12
Transurban Group’s
(ASX:TCL) Queensland division has issued $900 million of secured notes. The toll road operator will issue three tranches at $200m, $300M and $400M with 10,12 and 15 year tenors respectively. CFO Adam Watson says the inaugural Transurban Queensland issuance attracted a strong investor base. Shares in Transurban are trading up 0.21 per cent at $9.74
Best and worst performers All major sectors were higher today. The best performing sector is utilities, gaining 1.4 per cent to 6,496. Shares in APA Group
(ASX:APA) have risen 2.53 per cent and trading at $8.51. Shares in AusNet Services
(ASX:AST) and DUET Group
(ASX:DUE) are also stronger.
The sector with the least gains is materials, gaining 0.1 per cent to 8,677. Shares in Northern Star Resources Limited
(ASX:NST) have fallen 4.05 per cent, trading at $2.13. Shares in Iluka Resources Limited
(ASX:ILU) and Syrah Resources Limited
(ASX:SYR) are also lower.
Gold and the dollar
Gold is trading at $US1,168 an ounce.
The Australian dollar is buying $US0.7634
