Aussie shares are stronger at midday with higher base metal and oil prices boosting the miners like top miner BHP who reported record production results for the first half today citing a strong price recovery across its key commodities in the December quarter driven by increasing demand from China.
The S&P/ASX200 index is 37 points higher at 4,898 and on the futures market the SPI200’s up 34 points.
In economic news: The Westpac/Melbourne Institute index of consumer sentiment rose 5.6% in January to a read of 120.1.
In company news: Airport owner MAp Airports Ltd (ASX:MAP) says passenger numbers at Sydney Airport rose 8% to 1.98 million in December 2009 compared to December of 2008. Domestic numbers increased 6.5% with international travellers jumping 11.4% helping to push full year numbers up 0.4%. CEO Kerrie Mather says Sydney, Copenhagen and Brussels airports all reported their strongest traffic result of the year in December. Ms Mather says the jump in international passenger number at Sydney Airport looks set to continue into the New Year following recent capacity announcements from Air New Zealand, China Southern and Philippine Airlines. Shares in MAp Airports gained 4.47% to $3.04.
Lend Lease Corporation (ASX:LLC) has been selected by the Western Australian Government to develop the first stage of the 710 hectare Alkimos Community development 40 kilometres north of Perth’s CBD. The project will operate under a land management agreement with Lend Lease expecting to make a capital investment of around $20 million to establish the project. The development of the initial 224 hectare stage is expected to commence in 2011 and will include around 2,500 dwellings. Lend Lease says the first stage has an expected development value of $400 million and will be delivered over seven years with the whole 710 hectare community having around a 20 year project delivery timeline. Lend Lease shares rose 4.12% to $9.86.
Turning now to market indices: Majority of sectors are in positive territory at midday, however the sector with the biggest gain is the Real Estate Investment Trust index up 11 points at 893. Shares in Westfield Group advanced 1.92% to $12.72. Shares in Bunnings Warehouse and Stockland also higher.
The sector with one of the smallest gains at midday is the Energy index, up 28 to 15,820. Shares in Karoon Gas Australia fell 1.73% to $7.93. While shares in Molopo Australia and Arrow Energy are also lower at noon.
Looking to New Zealand and the NZSX50 is 8 points higher. Taking a look at the top 5 stocks by turnover: Telecom of New Zealand heads the list stock flat at $2.45 followed by Auckland Airport, Fletcher Building, Westpac and Tower.
To gold and the dollar: Gold is trading at US$1,140.15 an ounce and the Aussie dollar is trading at 92.27 US cents.
