Aussie shares are higher at midday by almost two per cent, stocks rising on the back of a positive lead from Wall St. Locally resources are leading the gains on stronger metals prices.
The S&P/ASX200 index is up 67 points at 4,687 and on the futures market, the SPI200 is up 66.
In economic news: According to a survey by Westpac and the Melbourne Institute, consumers expect inflation to rise in the year ahead. The median annual inflation expectation in the survey rose to 3.8 per cent in October from 3.1 per cent in September, the highest level since April this year.
To company news: Online employment website SEEK Ltd (ASX:SEK) has announced its joint CEO Paul Bassat will step down from his position to retire at the end of the current financial year. The CEO’s position will be filled by Mr Basset’s brother, joint chief executive and co-founder Andrew Bassat, with SEEK advising that Paul Bassat will be invited to rejoin the board in 2012 as a non-executive director after an absence of 12 months. In fiscal 2010 SEEK reported a 62 per cent improvement in net profit from the year before to $89.5 million for the year to 30 June. Shares in SEEK Ltd (ASX:SEK) are 1.09% up at $7.44.
Global miner BHP Billiton Ltd (ASX:BHP) looks set to record an increase in annual ore output, but could report a fall in September quarter coal production due to heavy rains in eastern Australia. According to Reuters the BHP is on track to mine a record of 155 million tonnes in fiscal 2011, the miner’s production results due for release next week on 20 October. Shares in BHP Billiton are 1.69% up at $41.51.
Turning now to market indices: Most sectors are in the black at noon. The best performing sector is Materials, with the index up 301 points to 13,282. Shares in Fortescue Metals Group are up 4.92% to $6.61. Shares in Alumina and BHP are also higher. The worst performing sector at midday is Health Care, with the index down 31 points to 8,047. Shares in RedMed have dropped 3.03% to $3.20 cents. Shares in CSL and Ansell are also lower at noon.
To New Zealand now, the NZSX50 is up 24 points. Taking a look at the top 4 stocks by turnover: Telecom of New Zealand is at the top of the list with stock up 2.48% at $2.07 followed by; Westpac, Fletcher Building and Fisher and Paykel Healthcare.
To gold and the dollar: Gold is trading at $1376 US an ounce and the Aussie dollar is trading at 99.63 US cents.
