Aussie shares are slightly higher at midday thanks to gains in the miners like top miners BHP and Rio Tinto and property stocks; however US Federal Reserve Chairman Ben Bernanke’s comments are weighing on the market as investors worry over the pace of an economic recovery in the US.
The S&P/ASX200 index is 7 points higher at 4,683 and on the futures market the SPI 200’s up 15 points.
In economic news: NAB’s monthly business survey showed its measure of business confidence rose 3 points to 19 in November, this highest since May 2002 according to Reuters. The survey’s measure of business conditions fell 2 points to 10.
And according to the ABS Australia recorded an account deficit of $16.18 billion in the third quarter.
In company news: Mineral explorer and developer Mirabela Nickel Ltd (ASX:MBN) has completed the commissioning of the Santa Rita plant in Brazil and says it is on track to meet 4.6 million tonnes per annum production in the second quarter of 2010. The company says all mechanical and electrical components have run to the current installed nameplate capacity of 4.6 million tonnes per annum. Mirabela says the operations team is now progressing the ramp up and optimization of both the plant and the mining operations with the operation on track to reach its interim target of 4.6 million tonnes of ore a year during the second quarter of 2010. Shares in Mirabela Nickel gained 1.22 per cent to $2.48.
Dairy products manufacturer Warrnambool Cheese and Butter Factory Company Holdings Ltd (ASX:WCB) says it has received a confidential unsolicited and indicative proposal from a third party that has expressed an interest in the possible acquisition of the company. Warrnambool Cheese and Butter Factory says its board has informed the third party that its proposal does not incorporate appropriate value to reflect the strong prospects of the company and it cannot be recommended to shareholders. The company says its prospects have improved significantly in the past six months, with business conditions in the dairy industry improving markedly. Warrnambool Cheese and Butter Factory says global dairy prices have recovered more than 50% in Australian dollar terms since August 2009. Shares in Warrnambool Cheese and Butter Factory surged 15.91 per cent to $2.55.
Turning now to market indices: The best performing sector at midday is the Real Estate Investment Trust index which is up 7 points to 850. Shares in Mirvac Group advanced 2.85% to $1.445. Shares in Westfield Group and Stockland are also higher.
The worst performing sector at midday is the Health Care index, down 52 points to 8,396. Shares in Pharmaxis fell 3.1% to $2.81. Shares in Ansell and Ramsay Health Care are also lower at noon.
Looking to New Zealand and the NZSX50 is flat. Taking a look now at the top 5 stocks by turnover: Telecom of New Zealand tops the list with stock up 0.85% at $2.38, followed by; Telstra, Opus International Consultants, Fletcher Building, and Infratil.
To gold and the dollar: Gold is trading at US$1,168.80 an ounce and the Aussie dollar is trading at 91.61 US cents.
