The Australian share market is up one per cent, defying a mixed lead from Wall St and a flat start. Locally Energy stocks are leading the gains with all sectors trading in the black.
The S&P/ASX200 index is up 47 points at 4,695 and on the futures market, the SPI200 is up 65.
In economic news: Data released by the ABS today shows that the nation’s producer price index increased 1.3 per cent in the September quarter for an annual rise of 2.2 per cent, up from 0.3 per cent the quarter before.
To company news: Tabcorb Holdings Ltd’s (ASX:TAH) CEO and managing director Elmer Funke Kupper says the company’s revenue lifted 4.1 per cent in the first quarter of fiscal 2011 compared to the same time last year. Speaking at the company’s annual general meeting Mr Funke Kupper says it has been a positive start with Tabcorb’s casino division revenue up 7.1 per cent and all three casino’s recording positive growth. Tabcorb advises that the Soccer World Cup aided growth in its first quarter results. Shares in Tabcorp Holdings are 0.13% higher at $7.46.
Oil and gas producer Santos Ltd (ASX:STO) has inked a deal to supply gas to its joint venture project Gladstone Liquefied Natural Gas plant in Queensland. Following news that Gladstone LNG had been awarded environmental approval from the Federal Government, Santos says it will supply the project with 750 petajoules of gas over 15 years from 2014 largely from its Cooper Basin reserves in South Australia. CEO David Knox says the deal offers significant value to the Cooper Basin through opening up the ability for exports. Shares in Santos are 2.72% stronger at $12.84.
Turning now to market indices: As mentioned, all sectors are in the black at midday with the best performing sector Energy, the index up 246 points to 15,498. Shares in Beach Energy are up 9.02% to $0.665 cents. Shares in Santos and Oil Search are also higher. The sector with the least gains at midday is Consumer Staples, with the index up 54 points to 8,297. Shares in Tassal Group have dropped 0.71% to $1.395 cents. Shares in Premier Investments and GrainCorp are also lower at noon.
To New Zealand now, the NZSX50 is up 25 points. Taking a look at the top 4 stocks by turnover: topping the list is Telecom of New Zealand with stock up 2.96% at $2.09, followed by Fletcher Building, ANZ and Sky City Entertainment Group.
To gold and the dollar: Gold is trading at $1337 US an ounce and the Aussie dollar is trading at 98.84 US cents.
