The local share market is higher at midday, boosted by gains in mining stocks, and top banks like Westpac and NAB.
The S&P/ASX200 index is up 22 points at 4,161 and on the futures market the SPI 200’s up 14 points.
In economic news: A survey conducted by NAB showed that business conditions and confidence rose in the last quarter. The measure of business conditions increased 11 points to minus 9 in the three months to June, with the banks index of business confidence jumping 20 points to minus 4.
To business news at midday: Gloucester Coal Ltd (ASX:GCL) has reported a small increase in sales for the June quarter compared to June quarter 2008. Total sales volumes for the quarter came to 552,000 tonnes up from 545,000 tonnes recorded last year. Gloucester reported total sales for the year of 1.99 million tonnes, in line with previous guidance. The company says there has continued to be strong demand for the its thermal coal product and increasing demand for coking coal from subdued levels in the last two quarters. Gloucester Coal says it remains on track to achieve previous guidance for net profit after tax between $88 million and $95 million. Gloucester Coal shares rose 5.56 per cent to $5.70.
Building materials and home products distributor Alesco Corporation Ltd (ASX:ALS) has posted a net loss of $12.8 million for the year to May 31, compared to profit of $58 million last financial year. CEO Justin Ryan says Alesco’s business has been significantly impacted by the difficult economic conditions over the past 12 months which have led to a sharp fall in earnings. Mr Ryan says the decisive action that the company took during fiscal 2009 will ensure Alesco’s businesses are better positioned to face the current challenging environment and improve when market conditions recover. Alesco Corporation shares are steady at $4.15.
Turning now to market indices: the best performing sector at midday, is the Discretionary index up 18 points to 1,420. Shares in Billabong International up 5.17 per cent at $9.36. Shares in News Corp and David Jones are also stronger at noon.
The worst performer at midday is the Real Estate Investment Trust index is down 3 points at 759. Shares in Bunnings Warehouse down 1.34 per cent to $1.835. Shares in CFS Retail Property Trust and Westfield Group are also lower at noon.
Looking to New Zealand and the NZSX50 is 11 points higher. Taking a look at the top five stocks by value on the NZSX50: Fletcher Building heads the list, stock up 0.14 per cent at $7.30, followed by Telecom of New Zealand, Sky City, Fisher & Paykel Appliances and Vector.
To gold and the dollar: Gold is currently trading at $953.40 US an ounce and the Aussie dollar is trading at 82.17 US cents.
