Aussie shares are higher at midday following gains on Wall St and European markets overnight. Resource stocks are leading the gains on the back of stronger commodity prices with gold jumping above $1,200 an ounce.
The S&P/ASX200 index is 55 points higher at 4,774 and on the futures market the SPI 200’s up 54 points.
In company news: According to reports the Seven Network Ltd (ASX:SEV) has lost its bid to appeal the long running court case in relation to its failed pay-TV sports channel C7. Seven launched an appeal against a ruling that dismissed its bid to sue parties including News Ltd, Telstra, Foxtel and Consolidated Media Holdings to name a few, who it believed had conspired to ‘kill’ the company’s sports channel C7. However, the appeal court says the network failed to establish that there was any anti-competitive purpose in the conduct of these parties that would lessen the competition in the retail pay television market. Seven Network shares rose 0.46 per cent to $6.49.
Weapons maker Metal Storm Ltd (ASX:MST) says it has still not received the first tranche of $2.1 million of equity capital from an investment of US$35 million by Assure Fast Holdings. The company says it now expects to receive the funds by 6pm Australian Eastern Daylight Savings Time today. Metal Storm says should the board determine that these funds will not arrive it may consider appointing an administrator. Metal Storm shares fell 4 per cent to 2.4 cents.
Turning now to market indices: Majority of sectors are in positive territory at midday, however the sector with the biggest gain is the Materials index up 250 points to 12,530. Shares in Equinox Minerals advanced 7.11% to $4.37. Shares in Resolute Mining and Kagara are also higher.
The only sector in the red midday is the Real Estate Investment Trust index, down one point to 876. Shares in Macquarie Office Trust fell 3.33% to $0.29. Shares in Goodman Group and Abacus Property Group are also lower at noon.
Looking to New Zealand and the NZSX50 is 11 points higher. Taking a look now at the top 5 stocks by turnover: Heading the list is Telecom of New Zealand with stock steady at $2.47, followed by Fletcher Building, Telstra, Downer EDI and Fisher & Paykel Appliances.
To gold and the dollar: Gold is trading at US$1,202.75 an ounce and the Aussie dollar is trading at 92.74 US cents.
