Despite a weaker lead from Wall St, the Australian share market is higher at midday, with the financials and resource stocks leading the gains.
The S&P/ASX200 index is 38 points higher at 4,551 and on the futures market the SPI200’s up 39 points. In economic news: According to figures released by the ABS, unemployment fell to 5.3% in January, down from 5.5% in December. Economists had forecast the rate to rise to 5.6%. The result leaves the door open for the RBA to further raise interest rates.
In company news: Glove and condom maker Ansell Ltd (ASX:ANN) has appointed a new CEO and managing director to succeed Doug Tough. Swedish citizen Magnus Nicolin will take up the role on February 15, after spending the past three years with Newell Rubbermaid., most recently as president. Shares in Ansell Ltd gained 2.6% to $10.26.
Beverages company Foster's Group Ltd (ASX:FGL) and Mexican beer brewer Grupo Modelo have extended an exclusive licence to sell and market Corona Extra in Australia. The company says Corona Extra is Australia’s number one premium imported beer and the seventh largest beer brand by value in the local market. Shares in Foster's Group Ltd fell 0.72% to $5.51.
Turning now to market indices: The best performing sector at midday is the Energy index, up 290 points at 14,445. Shares in Aquila Resources rose 8.37% to $9.19. Shares in Karoon Gas Australia and Centennial Coal are also higher.
The worst performing sector at midday is the Telco index, down 35 points to 1,119. Shares in Bigair Group fell 4.35% to $0.11. While shares in Hutchison Telecommunications and Telstra are also lower at noon.
Looking to New Zealand and the NZSX50 is 20 points lower.
Taking a look at the top 5 stocks by turnover: Top of the list is Telecom of New Zealand, shares down 0.44% at $2.28 followed by: Goodman Fielder, Fletcher Building, ANZ Bank and AMP.
To gold and the dollar: Gold is trading at US$1,076.75 an ounce and the Aussie dollar is trading at 88.59 US cents.
