Aussie shares are higher at midday, taking the lead from a positive session on Wall St. Solid Wesfarmers
(ASX:WES) June quarter and annual earnings were released today, encouraging investors, with banks and miners also helping to fuel the gains. The S&P/ASX200 index is up 35 points at 4,493 and on the futures market, the SPI200 is up 36.
In economic news: The Australian Bureau of Statistics has released the producer price index showing a rise of 0.3% for June, and an annual 1% rate increase.
To company news: Roc Oil Company Ltd (ASX:ROC) says it is on target to meet its 2010 production guidance, despite a 5% drop in production for the June quarter. The company says year to date oil production was 8,545 barrels of oil equivalent per day, with production guidance for 2010 between 8,000 to 9,000 barrels of oil equivalent per day. Roc says year to date sales revenue of US$100.2 million strengthened the company’s net cash position to $52.7 million at quarter end. Shares in Roc Oil Company are up 1.47% at $0.345
Gloucester Coal Ltd (ASX:GCL) has announced a further upgrade to its coal reserves. The company says it has now increased reserve estimates from 57.2 million tones to 74.8 million tones. CEO Barry Tudor says Gloucester will continue to maintain focus on exploration, on track to identify around 130 million tones of coal reserves by mid calendar year 2011. Shares in Gloucester Coal are up 0.24% at $12.46
Turning now to market indices: Most indices are in the black at midday. The best performing index is the Consumer Staples sector, up 117 points to 7,484. Shares in Woolworths are 1.64% higher at $26.09. Shares in Coca-Cola Amatil are higher, and shares in Goodman Fielder are flat at noon.
The worst performing index is the Telco Services sector, flat at 1,085. Shares in Engin dropped 12.5% to $0.35. Shares in Singtel are lower and shares in Amcom Telecommunications are flat at noon.
To New Zealand now and the NZSX50 is up 14 points. Taking a look at the top 4 stocks by turnover: Fletcher Building heads the list with stock up 0.92% at $7.70 followed by; Telecom of New Zealand, Contact Energy and Guinness Peat Group.
To gold and the dollar: Gold is trading at US$1,192.30 an ounce and the Aussie dollar is trading at 89.58 US cents.
