Midday: Aus shares track 1.2% higher at noon

Market Reports

Well despite another horror day on Wall Street thanks to further falls in the oil price, the Australian share market has defied what was expected to be another day in the doldrums and has surged into positive territory; currently tracking 1.2 per cent higher at noon. All sectors are currently in positive territory, but today it’s the big four banks that are doing the bulk of the heavy lifting. BHP and Rio Tinto have also been given a small reprieve and are tracking higher. 
 
The S&P/ASX 200 index is 49 points higher at 4,890. On the futures market the SPI is 39 points higher. 

Company news

South 32 Limited (ASX:S32) says it has managed to deliver a significant reduction in net debt during the December 2015 half, despite challenging conditions. The company estimates it’s net debt at 31 December 2015 is US $115 million. During the half year, South 32 invested US$7 million on exploration. Shares in South 32 are trading up 1.69 per cent at $0.91. 
  
Best and worst performers

The best performing sector is Materials, gaining 1.84 per cent to 6,189. Shares in OzMinerals have risen 7.14 per cent and trading at $3.75. Shares in CSR and Nufarm are also stronger. 
 
The sector with the least gains is REITs, gaining 0.3 per cent to 1,286. Shares in National Storage have fallen 1.32 per cent, trading at $1.50. Shares in Mirvac and BWP Trust are also lower. 
 
Gold and the dollar

Gold is trading at $US1,099 an ounce.
The Australian dollar is buying $US0.6941. 
 

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