The Australian share market has risen 1 per cent at noon following positive offshore leads. Strength in the mining sector is offering support after the price of iron ore hit a one-month high.
Figures
The S&P/ASX 200 index has advanced 59 points and is trading at 5,644. On the futures market the SPI is 42 points higher.
Company news
Beach Energy Limited
(ASX:BPT) has lowered its capex and flagged a fall in oil production but higher gas sales volumes for the year ahead. The oil and gas group has also advised of lower expectations for near-term production profiles and flagged plans to defer lower priority projects. Shares in Beach Energy have risen 0.82 per cent and are trading at $0.92.
Independence Group NL
(ASX:IGO) has posted an improved preliminary result over the 2015 financial year but warned of lower production levels in the year ahead. The mining company has also advised its proposed transaction of Sirius Resources
(ASX:SIR) remains on track with the scheme expected to be approved in early September. Shares in Independence Group have lost 0.76 per cent and are trading at $3.90.
Best and worst performers
All sectors are trading higher: The best performing sector is materials, gaining 1.6 per cent to 8,543. Shares in Fortescue Metals Group Limited
(ASX:FMG) have risen 5 per cent and trading at $1.84. Shares in BlueScope Steel Limited
(ASX:BSL) and Iluka Resources Limited
(ASX:ILU) are also stronger.
The sector with the smallest gains is utilities, adding 0.1 per cent to 6,534. Shares in AGL Energy Limited
(ASX:AGL) have lost 0.31 per cent, trading at $15.92. Shares in APA Group
(ASX:APA) and DUET Group
(ASX:DUE) are trading higher at noon.
IPOs
Pureprofile Limited
(ASX:PPL) started trading today. The profile marketing and insights technology business floated with an issue price of $0.50, opened at $0.54 and is currently trading at $0.53.
Gold and the dollar
Gold is buying $US1,097 an ounce.
The Australian dollar is buying $US0.7346.
