Following gains on Wall St overnight Aussie shares are higher at midday lifted by gains in resource companies on increased confidence in the economic outlook.
The S&P/ASX200 index is up 15 points at 4,586 and on the futures market the SPI 200’s up 20 points.
To business news at midday: Mining and exploration company Toro Energy Ltd (ASX:TOE) is to move into its third uranium project in Western Australia after announcing that it has signed a heads of agreement today with Cameco Australia, part of the world-wide Cameco uranium group. The proposed Toro-Cameco joint venture plans to explore and develop a highly-prospective Birrindudu project in the Tanami region just inside West Australia’s border with the Northern Territory. Toro is already developing the advanced Wiluna uranium project in Western Australia. Shares in Toro Energy are in a trading halt and last traded at $0.235.
Engineering and construction company Clough Ltd (ASX:CLO) has won a US$12 million front-end design contract from BHP for the Macedon gas field development off-shore Western Australia. Clough will base its team in Houston to work closely with BHP and will be supported by its Perth office for input into local project execution strategy. CEO John Smith says Clough is delighted to get the opportunity to support BHP in the critical early stages of this important West Australian domestic gas project. Shares in Clough rose 2.13 per cent to $0.96.
Turning now to market indices: The best performing sector at midday is the Telco Services index up 18 points to 1,156. Shares in Telstra up 1.83 per cent at $3.33. Shares in Pipe Networks are higher while shares in Reverse Corp are flat at noon.
The worst performing sector at midday is the Health Care index, down 15 points at 8,747. Shares in Sonic Health Care down 2.78 per cent to $14. Shares in Biota Holdings and Pharmaxis are also lower.
Looking to New Zealand and the NZSX50 is 9 points higher. Taking a look at the top five stocks by value on the NZSX50: Fletcher Building is top of the list, its stock down 0.5 per cent at $7.92, followed by Telecom of New Zealand, Westpac, South Canterbury Finance and ING Property Trust.
To gold and the dollar: Gold is trading at $996.90 US an ounce and the Aussie dollar is trading at 86.14 US cents.
