Aussie shares are trading in the black, slightly up after receiving strong overseas leads. The miners are leading local gains, boosted by copper prices climbing to a record high.
The S&P/ASX200 index has firmed 3 points and is 4,775 at noon. On the futures market the SPI is 5 points higher.
Company news: Telstra Corporation Ltd (ASX:TLS) says it has not reached final agreements with the National Broadband Network and will not by the end of the year, as it had first hoped. The telco says due to a number of key NBN and government decisions remaining outstanding or taking longer than expected, it has not been possible to meet the original time frame. The NBN Co business plan was released on Monday. Telstra says it now hopes to bring a deal to shareholders by the middle of next year. Shares in Telstra are steady at $2.77 at noon.
UGL Ltd (ASX:UGL) is partnering with an Indian rail freight car manufacturer, Texmaco Rail & Engineering, to set up a manufacturing facility in India. The engineering company says the joint venture involves the design, manufacture and supply of locomotive bogie frames and platforms, wagons and wagon components, for Australian and Indian domestic and export markets. Financing arrangements for the deal have not been disclosed. Shares in UGL have lifted 1.14 per cent and are $14.21 at noon.
Turning to market indices, and most are in positive territory. The best performing sector is Materials with the index advancing 60 points to 14,163. Shares in Sundance Resources have risen 2.06 per cent to $0.495. Shares in and PanAust and Lynas Corporation have also gained at noon. The worst performing sector at midday is Industrials, easing 10 points to 3,754. Shares in Hastie Group have fallen 2.11 per cent and are $0.93. Shares in Virgin Blue Holdings and Leighton Holdings have also dropped at midday.
To New Zealand: The NZSX50 has lifted 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 steady $2.23; followed Fletcher Building, New Zealand Oil and Gas and Westpac.
To gold and the dollar: Gold is trading at $US1,387 an ounce and the Aussie dollar is buying 99.68 US cents.
