The local share market is higher at midday with gains in the miners, banks and retailers lifting the market as fears that Europe’s debt situation will spread, eased.
The S&P/ASX200 index is 72 points higher at 4,452 and on the futures market, the SPI200’s up 75.
In company news: Gas producer Santos Ltd (ASX:STO) has been given conditional environmental approval for its proposed $7.7 billion Gladstone LNG project from the Queensland Government. The project now needs environmental approval from the Federal Government as well as other state environmental and production licences and safety approvals. The Gladstone LNG project is a joint venture between Santos and Petronas. Both project partners say they remain concerned about the potential impact of the Federal Government’s proposed new resources tax. Shares in Santos gained 2.61% to $12.59.
Building products manufacturer James Hardie Industries SE (ASX:JHX) says the cost of moving its headquarters to Ireland is likely to be US$63 million. The company has previously estimated that the move would cost between US$51 million and US$71 million. James Hardie says the costs include US$20 million in advisory fees and around US$41 million in Dutch taxes as a result of the capital gains on the transfer of intellectual property and terminating the company’s tax regime there. There is also a further US$2 million cost for advisory fees in connection with the second phase of the move to Ireland. Shares in James Hardie rose 2.95% to $7.32.
Turning now to market indices: Majority of sectors are in positive territory at midday however the best performing sector is the Real Estate Investment Trust index, up 24 points at 853. Shares in Stockland are 3.86% higher at $3.77. Shares in Westfield Group and GPT Group are also higher at midday.
The worst performing sector is the Telco Services index, up 2 points to 1,001. Shares in Telecom of New Zealand lost 0.98% to $1.52, shares in Singtel are also lower while shares in BigAir Group are flat.
Looking to New Zealand and the NZSX50 is up 26 points. Taking a look at the top 4 stocks by turnover: At the top is Telecom of New Zealand with stock down 0.52% at $1.90, followed by Fletcher Building, Telstra and Mainfreight.
To gold and the dollar: Gold is trading at US$1,209.65 an ounce and the Aussie dollar is trading at 85.33 US cents.
