The Australian share market is stronger at midday after strong offshore leads coupled with strong US retail and home sales helped lift shares. Shares also rose on the back of the European Central Bank’s decision to continue stimulus measures by extending an emergency loan program.
The S&P/ASX200 index has climbed 33 points to 4,709, while on the futures market the SPI is up 26 points.
Westpac Banking Corporation (ASX:WBC) has launched a $2.5 billion, three-part debt offering with proceeds allocated for general corporate purposes. The bank has added a third tranche of three-year floating notes to the deal’s existing two tranches of three and five-year notes. Goldman Sachs and JPMorgan are leading the sale. Shares in Westpac are 0.64 per cent higher at $22.10.
Sonic Healthcare Ltd (ASX:SHL) has announced it will borrow over $250 million on the US bond market in order to repay bank loans and fund future growth. The company has priced the 10-year notes, with a fixed 5.1 per cent coupon, in the US private placement market. Shares in Sonic are 0.34 per cent higher to $11.90.
Turning to market indices, and the best performing sector is Materials with the index up 138 points to 13,808. Shares in Uramet Minerals have advanced 40 per cent to $0.14. Shares in Excalibur Mining and Astro Resources are also higher. The worst performing sector at midday is Utilities with the index down 20 points to 4,431. Shares in Torrens Energy are down 2.35 per cent to $0.083. Shares in APA Group and Challenger Infrastructure Fund have also eased at midday.
To New Zealand: The NZSX50 is up 12 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 at $2.17; followed by Fletcher Building Group, Sky Network and Delegat’s Group.
To gold and the dollar: Gold is trading at $US1,387 an ounce and the Aussie dollar is buying 97.62 US cents.
