The Australian share market is half a per cent high at midday, taking its positive lead from Wall St where US stocks climbed on strong jobs data. Closer to home, the ABS has just come out with a surprise increase in unemployment, while full-time employment has declined in October.
The S&P/ASX200 index is up 21 points at 4,720. On the futures market, the SPI200 is up 18.
In economic news: Australian Bureau of Statistics reports the unemployment rate rose more than expected to 5.4 per cent in October, from 5.1 per cent the month before. Full time employment dropped more than expected by 14,100 people to 7.97 million, partially offsetting part-time employment gaining 43,800 people, to 3.39 million. The Melbourne Institute survey of consumer inflationary expectations for November has revealed the median expected inflation rate fell to 3.1 per cent, down from 3.8 per cent the month before.
To company news: New Hope Corporation Ltd (ASX:NHC) says it has achieved record quarterly coal sales of 1.833 million tonnes for the three months to 31 October 2010. The coal miner says the rise in coal sales represents a lift of 14 per cent from the quarter before, and 24 per cent from the same time last year. New Hope says the increase was boosted by record export sales of 1.671 million tonnes, driven by the group's ability to utilise rail and port capacity, not able to be used by competitors, due to unseasonal high rainfall across southeast Queensland during the period. Shares in New Hope Corporation are up 0.8% at $5.06 noon.
Lend Lease Group (ASX:LLC) says it has secured a global pipeline of opportunities that will deliver growth over the medium turn, underpinning the property developers positive outlook for the current financial year. Speaking at the company’s annual general meeting, chairman David Crawford says these projects include major urban regeneration opportunities in Australia and the UK as well as a highly sought after mixed use opportunity in Singapore. Lend Lease also highlighted its controversial Barangaroo redevelopment, saying that every step of this process has been conducted under robust public scrutiny as well as being externally assessed to ensure its integrity. Shares in Lend Lease Group are 0.43% higher at $7.00 at midday.
Turning now to market indices: The best performing sector is Energy, with the index up 177 points to 15,783. Shares in Cockatoo Coal are up 3.7% at $0.56. Shares in Woodside Petroleum and Santos are also higher. The worst performing sector at midday is Consumer Discretionary with the index down 4 points to 1,552. Shares in Billabong International are down 1.65% at $8.37. Shares in Oroton Group and Pacific Brands are also lower at midday.
To New Zealand. The NZSX50 is up 3 points. Taking a look at the top 4 stocks by turnover: Telecom of New Zealand is at the top of the list with stock down 0.92% at $2.16 followed by; Fletcher Building, Goodman Property Trust and Kiwi Income Property Trust.
To gold and the dollar: Gold is trading at over $US1400 an ounce and the Aussie dollar is buying $US1.0016 cents.
