Following a positive lead from the U.S. overnight Aussie shares are stronger at midday, lifted by gains in the miners on higher metals prices. Gold miners such as Newcrest Mining and Lihir Gold rose after the price of gold jumped up to nearly US$1000.
The S&P/ASX200 index is up 32 points at 4,462 and on the futures market the SPI 200’s up 25 points.
To business news at midday: Share registry Computershare Ltd (ASX:CPU) has been placed in the top 50 companies list on the ASX after Standard & Poor’s updated its S&P/ASX50 Index. Computershare will replace Macquarie Airports as part of Standard & Poor’s September quarterly rebalancing of Australian equity indices. The move will come into effect at the close of trade on September 18. S&P says the quarterly rebalance considers the aggregate market capitalisation and liquidity of stocks for the preceding six months as a basis of eligibility. Shares in Computershare rose 0.59 per cent to $10.16.
Energy company Linc Energy Ltd (ASX:LNC) says it has completed the purchase of 92,059 acres of coal lease areas in the Powder River Basin in Wyoming, in the U.S. Linc says it now hold a 100 per cent interest in the Wyoming coal leases and intends to shortly commence the necessary site selection work, permit and approval processes required in order to obtain a commercial underground coal gasification operational permit. CEO Peter Bond says completion of the acquisition is a major milestone for the company and a significant first step into the U.S. clean fuels market. Linc says it intends to open a U.S. head office in Denver, Colorado before the end of 2009. Shares in Linc Energy gained 5.43 per cent to $1.455.
Turning now to market indices: The best performing sector at midday is the Real Estate Investment Trust index up 13 points to 859. Shares in Mirvac Group up 2.5 per cent at $1.435. Shares in Bunnings Warehouse and Westfield Group are also stronger at noon.
The only sector at midday in the red is the Utilities index, down 48 points at 4,034. Shares in AGL Energy down 2.75 per cent to $13.78. Shares in Spark Infrastructure Group and APA Group are also lower.
Looking to New Zealand and the NZSX50 is 18 points higher. Taking a look at the top five stocks by value on the NZSX50: Telstra heads the list, stock up 1.98 per cent at $4.12, followed by Telecom of New Zealand, AMP, Fletcher Building and Sky City.
To gold and the dollar: Gold is currently trading at $991.20 US an ounce and the Aussie dollar is trading at 83.88 US cents.
