Following positive leads, the Australian share market was poised to open higher. The energy sector and banks prompted a relief rally in morning trade and the local sharemarket is 0.63 per cent up at noon.
The S&P/ASX 200 index is 32 points up at 5,098. On the futures market the SPI is 23 points higher.
Economic news
The ANZ/Roy Morgan weekly consumer confidence index has bounced back to 8.7 percent from a 7.1 percent decline over the previous two weeks. ANZ Chief Economist Warren Hogan attributed the jump to a clear vote of confidence in the new prime minister. Meanwhile the ABS Australian House Price Index beat expectations, reporting a 4.7 percent rise in the 2nd quarter.
Company news
Aguia Resources Limited
(ASX:AGR) has commenced an aggressive 7,000 metre diamond drilling campaign at two of its sites in Rio Grande do Sul in Brazil. Drilling at both projects will occur concurrently over an anticipated period of approximately four months, with first results expected before year-end. Shares in Aguia Resources Limited are trading down 4.76 per cent at $0.20.
Southern Cross Electrical Engineering Limited
(ASX:SXE) has signed a deal with Tecnicas Reunidas S.A. Under the agreement the electrical services provider will perform completion and commissioning works at the TAN Burrup Works in Western Australia. Shares in Southern Cross Electrical Engineering are trading steady at $0.34.
Best and worse performers
The best performing sector is Energy, gaining 2.79 per cent to 8,694. Shares in Karoon Gas have risen 4.75 per cent and are trading at $1.88. Shares in AWE and Oil Search are also stronger.
The worst performing sector is Materials, falling 0.09 per cent to 7,903. Shares in Western Areas have fallen 5.28 per cent, trading at $2.33. Shares in Newcrest Mining and Evolution Mining are also lower.
Gold and the dollar
Gold is trading at $US1,135 an ounce.
The Australian dollar is buying $US0.7142
