Local share market is higher at midday with gains in the miners like top miner BHP and gold miner Newcrest Mining helping to lift the market.
And the RBA has kept the possibility of further rate hikes open saying that it will raise rates over time as the local economy improves however at what pace remained an open question it said.
The S&P/ASX200 index is 10 points higher at 4,766 and on the futures market the SPI 200’s up 10 points.
In company news: Property developer Goodman Group (ASX:GMG) says its unlisted industrial fund Goodman Australia Industrial Fund is to undertake a $320 million capital raising to strengthen its balance sheet and position it well to benefit from the recent signs of improving economic conditions. Goodman says it will take up $79 million of the rights issue. Goodman Group CEO Greg Goodman says these further capital initiatives are the final steps in the funds capital management plan following the significant refinancing of its bank debt platform announced as part of the Group’s capital management initiatives in August 2009. Goodman Group shares gained 2.44 per cent to $0.63.
Dual listed gold miner Newmont Mining Corporation (ASX:NEM) together with Sumitomo Corporation has sold a10% share of mining company PT Newmont Nusa Tenggara for US$391 million. The stake has been sold to a consortium of regional and local governments near the Batu Hijau mine and a private company called PT Multicapital. Newmont Mining shares rose 0.73 per cent to $5.54.
Turning now to market indices: The best performing sector at midday is the Materials index, up 191 points to 12,287. Shares in Berkeley Resources advanced 10.2% to $1.08. Shares in OM Holdings and Cudeco are also higher.
The worst performing sector at midday is the Financials excluding Real Estate Investment Trust index, down 54 points to 5,471. Shares in Platinum Asset Management fell 2.44% to $5.59. Shares in AXA Asia Pacific Holdings and Bank of Queensland are also lower at noon.
Looking to New Zealand and the NZSX50 is 5 points lower. Turning to the top 5 stocks by turnover on the NZSX50: Top of the list is Telecom of New Zealand stock steady at $2.56, followed by Fletcher Building, South Canterbury Finance, Sky Network Television and Guinness Peat.
To gold and the dollar: Gold is trading at US$1,139.70 an ounce and the Aussie dollar is trading at 93.66 US cents.
