The Australian share market has lifted 0.3 per cent at noon, with Wall St closed for the Thanksgiving Holiday. Locally investors have responded well to Reserve Bank governor Glenn Stevens indicating a pause in interest rates, advising that today’s policy settings are appropriate for the period ahead. The S&P/ASX200 index is 11 points higher at 4,604 and on the futures market the SPI200 is up 21 points.
Company news: Rio Tinto Ltd (ASX:RIO) will invest over $10 million over five years into a research centre based in Canada. The global miner says it has partnered with researchers to create the Rio Tinto Centre for Underground Mine Construction. The centre will focus on innovative rapid mine construction and ground control for mining at depth. Shares in Rio Tinto are 1.43 per cent firmer at $84.24.
Foster’s Group Ltd (ASX:FGL) will contest income tax assessments of $49.5 million and interest of $17.1 million, concerning a capital loss in the 2004 fiscal year. The brewing company says it is confident of the position it has adopted in claiming the capital losses and intends to defend its position vigorously. Shares in Foster’s Group have risen 0.35 per cent to $5.70.
Turning to market indices: The best performing sector is Energy with the index up 184 points to 15,319. Shares in Worleyparsons are 2.78 per cent firmer at $25.85 Shares in Paladin Energy and Energy Resource of Australia have also improved. The worst performing sector at midday is Consumer Discretionary with the index down 12 points to 1,499. Shares in Aristocrat Leisure have dropped 16.82 per cent on a downgraded full year profit forecast and are $2.77. Pacific Brands and JB Hi-Fi are also weaker 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 up 0.47 per cent at $2.16; followed Fisher and Paykel Appliances, Sky City Entertainment Group and ANZ.
To gold and the dollar: Gold is trading at $US1,373 an ounce and the Aussie dollar is buying 97.66 US cents.
