The local share market is trading slightly higher at midday lifted by gains in the miners and following modest gains on Wall St overnight.
Gold miners like Lihir Gold and Newcrest Mining are benefitting from strength in the price of gold, however focus this morning has been on the sudden resignation of David Jones CEO Mark McInnes, with the retailer’s shares tumbling in response.
The S&P/ASX200 index is 13 points higher at 4,541 and on the futures market, the SPI200’s down 8.
In company news: Global miner BHP Billiton Ltd (ASX:BHP) has shut its main iron ore rail link between its key West Australian operations and Port Hedland after reports of a death on the rail line. In a statement this morning the miner says the affected part of its main line rail from Newman to Port Hedland has been closed and all rail construction work has been suspended until further notice. Police are investigating a possible suicide of a man who allegedly stepped in front of an oncoming train early this morning. BHP says it will provide further details when they come to light. Shares in BHP rose 0.77% to $39.12.
According to a report by the Australian Associated Press, ANZ Banking group (ASX:ANZ) has signed a memorandum of understanding with China Development Bank to focus on strengthening investment between China and New Zealand. ANZ and China Development Bank signed a similar MOU in September last year in Australia. According to AAP China Development Bank operates under China’s State Council control and is primarily focused on raising funding to support big infrastructure projects in the country. Shares in ANZ gained 0.26% to $23.01.
Turning now to market indices: The best performing sector at midday is the Telco Services index, up 13 points to 1,082. Shares in Amcom Telecommunications are 1.56% higher at $0.325. Shares in Telstra and Telecom of New Zealand are also higher.
The worst performing sector at midday is the Utilities index, down 33 points to 4,192. Shares in APA Group lost 2.41% to $3.65, shares in Spark Infrastructure Group and Energy Developments are also trading lower at noon.
Looking to New Zealand and the NZSX50 is 3 points higher. Taking a look at the top 4 stocks by turnover: Telecom of New Zealand heads the list stock up 1.61% at $1.89 followed by Sky City Entertainment Group, Auckland International Airport and Westpac.
To gold and the dollar: Gold is trading at US$1,245.03 an ounce and the Aussie dollar is trading at 86.81 US cents.
