The Australian share market is 1.5 per cent higher at midday, buoyed by encouraging economic data from the US. Following positive overseas leads, all sectors are trading in the black with the miners leading the way on the back of strong commodity prices.
The S&P/ASX200 index has climbed 78 points to 4,665. On the futures market the SPI is up 76 points.
Company news: Nufarm Ltd (ASX:NUF) says despite profoundly disappointing results recently it expects to return to profit in the first half of the current financial year. Speaking at the company’s annual general meeting CEO Doug Rathbone said first quarter results were ahead of last year’s results, driven by stronger earnings and the absence of write-downs. Nufarm expects to achieve first half operating profit of between $10 million to $20 million in the six months to 31 January next year. Investors have responded well to the news, shares in Nufarm adding 4.09 per cent to $4.83 at noon.
National Australia Bank Ltd (ASX:NAB) has delayed moving its IT jobs to computer giant IMB, following a computer glitch that left thousands of its consumers with unprocessed payments and wages. The Australian reports that the transition to IBM was part of a hush hush technology agreement with NAB. The deal was due to be finalised this week, but according to the paper NAB has decided to lay low. Shares in NAB have risen 2.66 per cent to $23.92 at midday.
Market indices: All sectors are trading in the black. The best performing sector is Materials with the index rising 277 points to 13,623. Shares in Equinox Minerals have advanced 2.85 per cent to $5.78. Shares in BHP Billiton and Newcrest Mining are also higher. The sector with the smallest gains at midday is Health Care with the index up 69 points to 8,714. Shares in BioProspect have lost 9.09 per cent and are $0.01. Shares in Clover Corporation and Mesoblast have also eased at midday.
To New Zealand: The NZSX50 is up 15 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 0.93 up at $2.17; followed ANZ, Fletcher Building and Infratil.
To gold and the dollar: Gold is trading at $US1,388 an ounce and the Aussie dollar is buying 96.68 US cents.
