The Australian share market is trading higher at midday with the major miners and banks all boosted by news of multi-billion dollar bailout package for Ireland. BHP Billiton, Rio Tinto, Fortescue and Woodside are all trading higher. QR National has listed on the stock exchange today at $2.54 and is steady at midday.
The S&P/ASX200 index is 27 points higher at 4,656 and on the futures market the SPI200 is up 22 points.
Westpac Banking Corporation Ltd (ASX:WBC) has announced it has signed a new five year contract with IBM in a deal reportedly worth $1.3 billion. The contract, which commences on December 1, will deliver improved IT services and capabilities. IBM will operate Westpac’s key infrastructure services which include the bank’s new data centre, mainframe, storage, print and security operations. Westpac says the contract involves little change in IT spending for the group. Shares in Westpac are trading 0.83 per cent higher at $21.81.
Administrators for Allied Brands Ltd (ASX:ABQ) are due to ask the Queensland Supreme Court to postpone a second creditors meeting from December 1 to January 19 in order to allow more time for a thorough investigation of the company’s affairs. Administrators from the accounting firm Vincents say they require more time to investigate Allied’s business operations before making recommendations to creditors over the fate of the company. Allied Brands, which operates 95 Baskin Robbins stores in Australia, was placed in voluntary administration on October 27. Shares in Allied Brands are in a trading halt and last traded at 1.7 cents.
Turning to market indices: The best sector is Healthcare, with the index up 113 points to 8,607. Shares in Sigma Pharmaceuticals are up 2.27 per cent at $0.45. Shares in Primary Healthcare and Sonic Healthcare are also higher. The worst performing sector at midday is Consumer Staples with the index down 5 points to 7,985. Woolworths is down 0.83 per cent to $27.35. Metcash and Fosters are also lower at midday.
To New Zealand: the NZSX50 is 13 points higher. Taking a look at the top 4 stocks by turnover: Telecom of New Zealand is at the top of the list with stock up 1.88 per cent at $2.17; followed by ANZ, Westpac and Sky City Entertainment Group.
To gold and the dollar: Gold is trading at $US1,356 an ounce and the Aussie dollar is buying 99.15 US cents.
