The Australian share market has lifted 0.4 per cent at noon, buoyed by positive overseas leads. US stocks rose on better than expected economic data, while closer to home the miners and banks are leading gains.
The S&P/ASX200 index is points 15 higher at 4,600 and on the futures market the SPI200 is up 24 points.
Company news: Rio Tinto Ltd (ASX:RIO) will pay an Italian company $467 million to provide the mining giant with rail systems for its operations in Western Australia. Rio has worked with Ansaldo STS since 1992. The latest agreement will see Ansaldo STS provide signalling, communications, train control and automation systems over five years for Rio’s Pilbara iron ore operations. Shares in Rio Tinto are 0.61 per cent firmer at $82.99.
GrainCorp Ltd (ASX:GNC) has announced a 27 per cent improvement in its full year profit, climbing to $80.2 million in the twelve months to 30 September. The grains handler and marketer says revenue was up 19.9 per cent to $1.996 billion, in a period that saw a return to acceptable production after years of drought. GrainCorp has declared a fully franked dividend of $0.10 per share, as well as a fully franked special dividend of $0.05 cents per share. Shares in GrainCorp are 1.42 per cent stronger at $7.84.
Market indices: The best performing sector is Real Estate Investment Trusts, with the index up 7 points to 845. Shares in Stockland are 1.09 per cent firmer at $3.71 Shares in Westfield Group and GPT Group are also higher. The worst performing sector at midday is Consumer Staples with the index down 28 points to 7,797. Goodman Fielder is 1.43 per cent weaker at $1.38. Foster’s Group and Woolworths are also lower at midday.
To New Zealand: The NZSX50 is up 2 points. Taking a look at the top 4 stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock down 0.46 per cent to $2.18; followed New Zealand Oil and Gas, Westpac Banking and Fletcher Building.
To gold and the dollar: Gold is trading at $US1,373 an ounce and the Aussie dollar is buying 98.35 US cents.
