Aussie shares are higher at midday following Wall St’s positive finish overnight. Gains in resource stocks like the major miners BHP and Rio Tinto are helping to support the market on stronger metals prices.
The S&P/ASX200 index is up 24 points at 4,630 and on the futures market, the SPI200 is up 26.
To company news: Centennial Coal Company Ltd (ASX:CEY) says it is close to finalising a new coal supply contract with one of NSW domestic generators. Centennial says the contract is for one million tonnes per annum for 10 years starting on the 1st of July in 2012. Centennial Coal says it board has unanimously recommended a $2.5 billion takeover by Thailand’s Banpu to shareholders. Shares in Centennial Coal Company are half a per cent higher at $6.09.
Sundance Resources Ltd (ASX:SDL) says it aims to have secured both off-take contracts and project finance for its project in West Africa, by the end of this calendar year. Chairman George Jones says talks with strategic partners are now well advanced, and foundation agreements with steel mills are expected to be in place by December to begin construction by the middle of next year. Shares in Sundance Resources are 8.89% stronger at $0.245.
Turning now to market indices: The best performing sector is the Materials, with the index up 124 points to 12,525. Shares in Gryphon Minerals are up 10.38% to $1.435. Shares in Intrepid Mines and Discovery Metals are also higher.
The worst performing sector at midday is the Utilities sector, with the index down 12 points to 4,436. Shares in Spark Infrastructure Group dropped 1.32% to $1.12. Shares in Duet Group and AGL Energy also lower at midday.
To New Zealand now, the NZSX50 is 7 points higher. Taking a look at the top 4 stocks by turnover: Telecom of New Zealand heads the list with stock down 0.48% at $2.06 followed by; Guinness Peat Group, Sky City Entertainment Group, and ANZ.
To gold and the dollar: Gold is trading at $1274 US an ounce and the Aussie dollar is trading at 93.76 US cents.
