Midday: Aus shares lift on US strength

Market Reports

A solid night of gains on overseas markets all but erased the share price slide from earlier in the week and the local market followed pushing 0.5 per cent higher.
 
Energy stocks soared after the oil price pushed 10 per cent higher but it was strength in US GDP that stirred optimism globally, with the world’s biggest economy growing by 3.7 per cent in Q2.
 
Looking at results Slater & Gordon shares gained on profit growth and Woolworths posted a modest lift despite a dip in profit.
 
The S&P/ASX 200 index is 32 points up at 5,265. On the futures market the SPI is 48 points higher.
 
Company news
 
Telstra Limited (ASX:TLS) has confirmed it is in discussions with San Miguel Corporation over a possible joint venture in the Philippines. The telco is said to be considering investment in a wireless operation but says no agreements has been reached. Shares in Telstra are trading down 1.27 per cent at $5.83
 
Macmahon Holdings Limited (ASX:MAH) has recorded a full-year loss attributable to members of $217.9 million following a series of writedowns and impairments. The result marks a sharp turnaround from a profit of $30.4 million the previous year. The Perth contractor did not declare a dividend. Shares in Macmahon are trading up 6.67 per cent at $0.08 
 
Best and worst performers

The best performing sector is energy, gaining 3.5 per cent to 9,364. Shares in Liquefied Natural Gas Limited (ASX:LNG) have risen 6.98 per cent and trading at $2.76. Shares in Santos Limited (ASX:STO) and Beach Energy Limited (ASX:BPT) are also stronger. 
 
The worst performing sector is telcos, falling 1.15 per cent to 2,071. Shares in M2 Group Limited (ASX:MTU) have fallen 1.72 per cent, trading at $9.16. Shares in Telstra Corporation Limited (ASX:TLS) are lower while Spark New Zealand Limited (ASX:SPK) is a touch higher.  
 
IPO

Beston Global Food Company Limited (ASX:BFC) started trading today. The food and beverage conglomerate floated with an issue price of $0.35, opened at $0.30 and is currently trading at $0.32.    
 
Gold and the dollar

Gold is trading at $US1,129 an ounce.
The Australian dollar is buying $US0.7203