Aussie shares are higher at midday, investors buying into financial stocks after better than expected second quarter results from Goldman Sachs boosted Wall St overnight. Stronger commodity prices also lifted resource stocks and helped to support the market.
The S&P/ASX200 index is 36 points higher at 3,903 and on the futures market the SPI 200’s up 22 points.
To business news at midday: Mining giant Rio Tinto Ltd (ASX:RIO) says there is no change to its shipping schedule to international customers, including China. Reuters reports a Rio spokesperson saying that shipments continue as scheduled and it’s business as usual. There have been reports that both Rio and BHP have halted putting spot iron-ore shipments up for bid after Rio Tinto staff were detained in China. Rio Tinto shares gained 1.43 per cent to $49.80.
National Australia Bank Ltd (ASX:NAB) is to expand its network of ATM’s after reaching an agreement with Cuscal, developer of the rediATM network. The Australian Associated Press reports that under the agreement Cuscal will combine its 1,400 rediATM’s with NAB’s 1,700 ATM’s and the combined network of machines will display the rediATM logo. All NAB owned ATM’s will carry the NAB logo. AAP says the move will significantly improved access to ATM banking free of direct charge for close to seven million Australians. NAB shares added 0.74 per cent to $23.17.
Turning now to market indices: All sectors are in positive territory at midday, however the sector with the biggest gain is the Industrials index up 61 points to 2,945. Shares in Macquarie Infrastructure Group are up 6.79 per cent at $1.415. Shares in Hastie Group and Crane Group are also higher at noon.
The sector at midday with the smallest gain is the Utilities index up 6 points to 4,045. Shares in Energy Developments down 2.81 per cent to $2.42. Shares in Challenger Infrastructure Fund and AGL Energy are also lower at noon.
Looking to New Zealand and the NZSX50 is 3 points lower. Taking a look at the top five stocks by value on the NZSX50: Telecom of New Zealand heads the list, stock down 0.38 per cent at $2.65, followed by Westpac, Fletcher Building, Telstra and Lion Nathan.
To gold and the dollar: Gold is currently trading at $926.60 US an ounce and the Aussie dollar is trading at 79.42 US cents.
