Aussie shares are higher at midday boosted by gains in resource stocks like mining giants BHP and Rio Tinto on stronger commodity prices and energy companies like Woodside Petroleum on a jump in the price of oil.
The S&P/ASX200 index is up 70 points at 4,721 and on the futures market the SPI 200’s up 29 points.
In economic news: According to figures released by the ABS today, Australia’s international merchandise imports fell 7 per cent in August from the month before.
And the Westpac-Australian Chamber of Commerce and Industry’s survey of industrial trends showed that its main index of activity increased 9.8 points to a read of 48.2 in the third quarter. The index still remains below the 50 mark separating contraction from expansion.
Making headlines at midday: Airport owner Macquarie Airports (ASX:MAP) says its airline customers continue to face a difficult operating environment, however the company is starting to see early signs of traffic recovery. Chairman Max Moore-Wilton says the company’s largest investment, Sydney Airport, has proven resilient. Mr Moore-Wilton says the company will retain its focus on operational costs and is working with its airport partners to manage its investment programs. On Wednesday the company announced that is had sold its 35.5 per cent stake in Bristol Airport and increased its stake in Copenhagen Airports. Shares in Macquarie Airports rose 3.89 per cent to $2.67.
Pay TV provider Austar United Communications Ltd (ASX:AUN) says it has secured an extension to its senior debt facility originally due to expire in August 2011. The company says lenders have agreed to extend $176 million of its $225 million existing Tranche A debt by three years to August 2014. CEO John Porter says the refinancing demonstrates Austar’s solid reputation in the marketplace. Shares in Austar United shares gained 4.17 per cent to $1.25.
Turning now to market indices: All sectors are in positive territory at midday, however the sector with the biggest gain is the Real Estate Investment Trust index up 23 points to 938. Shares in Mirvac Group up 4.24 per cent at $1.72. Shares in Stockland and Westfield Group are also higher at noon.
The sector with the smallest gain at midday is the Health Care index, up 42 points at 8,830. Shares in ResMed down 2.06 per cent to $5.23. Shares in Sirtex Medical and Cochlear are also lower.
Looking to New Zealand and the NZSX50 is up 27 points. Taking a look at the top five stocks by value on the NZSX50: Telecom of New Zealand is top of the list its shares up 0.75 per cent at $2.70, followed by Sky City, Rubicon, Fletcher Building and Guinness Peat.
To gold and the dollar: Gold is trading at $1017.40 US an ounce and the Aussie dollar is trading at 87.38 US cents.
