Shrugging off a negative lead from Wall St overnight, the local share market is slightly higher at midday as stronger oil and metals prices boosted mining stocks and energy companies.
The S&P/ASX200 index is 10 points higher at 4,749 and on the futures market the SPI 200’s up 7 points.
In economic news: According to the Australian Bureau of Statistics the average weekly earnings for adults employed full-time in the three months to August rose 0.9% from the previous quarter, for an annual rate of 5.2%.
In company news: Manufacturer and distributor of consumer-branded foods Goodman Fielder Ltd (ASX:GFF) says it has been exploring options for the sale of its fats and oils division and says it is close to reaching an outcome with a potential buyer. The company says a number of parties have expressed keen interest in the potential acquisition and is currently in detailed discussions with one preferred bidder, with an announcement on the outcome of these discussions likely to be made shortly. Goodman Fielder flagged the sale back in May. Shares in Goodman Fielder rose 0.65 per cent to $1.555.
Mineral sands miner Iluka Resources Ltd (ASX:ILU) says its Jacinth-Ambrosia project in the Eucla Basin, South Australia has achieved first production of heavy mineral concentrate. The company says the project has been finished ahead of schedule, with capital expenditure expected to be less than $390 million comapred with an approved budget of $420 million. Iluka says with the completion of the Murray Basin 2 project in Victoria, the company has concluded its current major project execution and capital expenditure program. Shares in Iluka Resources gained 0.88 per cent to $3.43.
Turning now to market indices: The best performing sector at midday is the Materials index, up 46 points to 12,224. Shares in Aquarius Platinum advanced 6.83% to $6.26. Shares in Newcrest Mining and Sims Metal Management are also higher.
The worst performing sector at midday is the Utilities index, down 31 points to 4,246. Shares in Hastings Diversified Utilities Fund fell 1.89% to $1.04. Shares in Energy Developments and AGL Energy are also lower at noon.
Looking to New Zealand and the NZSX50 is 11 points higher. Taking a Look at the top 5 stocks by turnover on the NZSX50: Topping the list is Telecom of New Zealand, stock steady at $2.56 followed by ANZ, Sky City, Fletcher Building and Guinness Peat.
To gold and the dollar: Gold is trading at US$1,142.35 an ounce and the Aussie dollar is trading at 92.64 US cents.
