The local share market is stronger at midday, boosted by gains in the miners like mining giant Rio Tinto, with the major banks such as the Commonwealth Bank also helping to support the market.
The S&P/ASX200 index is up 50 points higher at 4,140 and on the futures market the SPI 200’s up 42 points.
To business news at midday: Building and construction materials manufacturer Boral Ltd (ASX:BLD) says Dr Bob Every will takeover from Ken Moss as Chairman of the Board in May 2010. Ken Moss, who is seeking re-election at the company’s annual general meeting in October, intends to remain as Chairman until May 2010 to provide continuity during the change of CEO at Boral. In the meantime Mr Every, who joined the Boral Board in September 2007, has been appointed Deputy Chairman. Boral says this transition will provide an orderly succession in respect of the Chairman’s role while at the same time providing continuity during the change of CEO. Boral shares gained 4.68 per cent at $5.14.
Property manager and caterer Spotless Group Ltd (ASX:SPT) has confirmed that it expects to meet the average market consensus estimates for earnings before interest and tax of $94.1 million and earnings per share of 20.8 cents. The company says that the contribution from its garment hanger and packaging solutions business Braiform, would be above the top end of the range of market estimates, but the contribution from its Facility Services Division would be slightly below the lower end of market estimates. Spotless also says the South Australian Government has awarded a $320 million Public Private Partnership contract to the Pinnacle Education consortium which includes Spotless as facility manager and operator. Spotless shares rose 8.97 per cent to $2.43.
Turning now to market indices: All sectors are in positive territory at midday, however the sector with the biggest gain is the Telco Services index up 26 points to 1,229. Shares in Telstra up 2.31 per cent at $3.55. Shares in Pipe Networks and Singapore Telecommunications are also stronger at noon.
At the other end the Real Estate Investment Trust index is steady at 760. Shares in Babcock & Brown Japan Property Trust down 1.25 per cent to $0.395. Shares in CFS Retail Property Trust and Westfield Group are also lower at noon.
Looking to New Zealand and the NZSX50 is 29 points higher. Taking a look at the top five stocks by value on the NZSX50: top of the list is Telstra, stock down 0.47 per cent at $4.32, followed by Telecom of New Zealand, Westpac, Fletcher Building and APN News and Media.
To gold and the dollar: Gold is currently trading at $952.70 US an ounce and the Aussie dollar is trading at 81.9 US cents.
