After positive offshore leads the market is 0.9 per cent higher, with all sectors trading in positive territory, being lead by materials and financials. The S&P/ASX200 index is up 44 points and is 4838 at noon. The SPI is up 50 points.
The Westpac Bank-Melbourne Institute leading index of economic activity has risen 1 point in February, to 282.2. Westpac’s chief economist says the survey captured a sharp improvement in conditions in the labour market, which causes a considerable upward revision to growth rates.
Company news: Santos Limited (ASX:STO) has reported a significant dip in its March quarter output, after the Australian oil and gas producer cut its full-year production forecast because of adverse weather. Chief Executive Officer David Knox says he expects operations to continue to recover over several months, but warns it will take months to return operations to normal.
Santos shares are up 1.38 at noon trading at $15.47.
Austar United Communications Limited (ASX:AUN), the subscription TV network subject of takeover speculation by Foxtel, has posted a sharp rise in first quarter profit. The regional television provider more than tripled its profit for the three months to the end of March to $74 million. Austar shares are down 1.14 per cent, trading at $1.30.
To the best and worst performers, and all are trading in positive territory, the best performing sector is Materials, gaining 192 points at 14,296. Shares in Lynas Corporation have added 3.06 per cent and trading at $2.36. Shares in PanAust and Orica have also improved at midday.
The sector with the smallest gains is Consumer Discretionary, gaining two points to 1,474. Shares in Aristocrat Leisure have fallen 1.43 per cent and are trading $2.75. Shares in Austar and News Corporation have also eased at midday.
In New Zealand: the NZSX50 is up 25 points. The top four stocks by turnover are Fletcher Building, with stocks down 0.33 per cent at $9.02, followed by Telecom Corporation of New Zealand, Westpac and ANZ.
To gold and the dollar: Gold is trading at $US1,496 an ounce and the Aussie dollar is buying $US1.05.71 cents.
