Aussie shares are 0.4 per cent higher at noon, rising on the back of a positive lead from Wall St with most sectors in the black.
The S&P/ASX200 index is up 19 points at 4,671 and on the futures market, the SPI200 is up 28.
To company news: Cochlear Ltd (ASX:COH) says its positive long term outlook is supported by the company’s continued investment in research and development. The company that makes hearing implants told shareholders at its annual general meeting that marketing and sales growth initiatives as well as improvement in internal structures are also aiding the company’s growth. Chairman Rick Holliday-Smith also advised that as an exporter, Cochlear would not benefit from a stronger Australian dollar over the medium term. Shares in Cochlear are 0.26% down at $68.60.
Shares in Pike River Coal Ltd (ASX:PRC) have tumbled today, following a revised production forecast from the New Zealand-based miner. The downgrade is the second from Pike River Coal. In April guidance fell from a maximum of 800,000 tonnes to around 620,000 tonnes. Now the forecast has been downwardly revised further to rest between 320,000 and 360,000 tonnes of saleable coal for the current 2011 financial year. Chief executive Peter Whittall says the revision is largely because of slower than expected progress in developing underground roadways which impacted the forecast production. Shares in Pike River Coal are 7.87% down at $0.82.
Turning now to market indices: As mentioned most sectors are in the black at midday. The best performing sector is Utilities, the index up 54 points to 4,471. Shares in SP AusNet have risen 3.87% to $0.94. And shares in Challenger Infrastructure Fund and AGL Energy are have also lifted. The worst performing sector at midday is Health Care, with the index down 50 points to 7,962. Shares in RedMed have dropped 2.17% to $3.16 cents. Shares in CSL and Primary Health Care are also lower at noon.
To New Zealand now, the NZSX50 is flat. Taking a look at the top 4 stocks by turnover: topping the list is Telecom of New Zealand with stock steady at $2.07, followed by Fletcher Building, AMP and Westpac.
To gold and the dollar: Gold is trading at $1369 US an ounce and the Aussie dollar is trading at 99.32 US cents.
