Aussie shares are higher at midday up almost one per cent, with all indices in the black. Banks, miners and energy companies are leading the gains.
The S&P/ASX200 index is up 38 points at 4,532 and on the futures market, the SPI200 is up 42.
In economic news: The Housing Industry Association’s index of home sales fell 5.1% in June, the second monthly decline after a 6.4% drop in May. To company news: Avoca Resources Ltd (ASX:AVO) says total gold production is up 75% to over 229,000 ounces in the past financial year, 3.6% lower than forecast. Avoca says June quarter production was down to 67,047 ounces because of lower than expected grades and delays in mining. Shares in Avoca Resources are up 1.52 % at $2.67.
Liquefied Natural Gas Ltd (ASX:LNG) says it is holding discussions with Bow Energy Ltd (ASX:BOW) to explore potential transaction opportunities. In response to media speculation, Liquefied Natural Gas says it has been exploring gas supply and strategic partner options concerning its Fisherman’s Landing LNG Project in Gladstone. The company says discussions with Bow are ongoing but nothing definitive has been concluded. Shares in Liquefied Natural Gas are up 10.92 % at $0.66.
Turning now to market indices: All indices are in the black at midday. The best performing index is the Telco Services sector, up 17 points to 1,108. Shares in Telstra are 1.55% higher at $3.27. Shares Telecom of New Zealand and Singapore Telecommunications also higher at noon.
The index with the smallest gain is the Consumer Staples sector, up 34 points T 7,554. Shares in Goodman Fielder dropped 1.5% to $1.315. Shares in Metcash are lower and shares in Foster’s Group are flat.
To New Zealand now and the NZSX50 is up 5 points. Taking a look at the top 4 stocks by turnover: Telstra heads the list with stock up 0.99% at $4.07 followed by; Fletcher Building, Kiwi Income Property Trust and Telecom of New Zealand.
To gold and the dollar: Gold is trading at US$1183 an ounce and the Aussie dollar is trading at 90.86 US cents.
