The Australian share market has gained 0.4 per cent at noon, buoyed by positive offshore leads after the US Federal Reserve announced it would keep interest rates at low levels, pushing the Australian dollar to a new 29-year post-float high over 109 US cents.
The S&P/ASX200 index has gained 27 points and is 4,900 at noon. On the futures market the SPI is 32 point stronger.
Company news: Oil Search Ltd (ASX:OSH) says it produced 1.79 million barrels of oil equivalent in the first quarter of this year, falling four per cent from the last quarter of 2010. In the same period the energy producer collected an average price of $US108.58 for its oil, a 22 per cent improvement from the prior quarter. Oil Search says it has benefited from a steep increase in realised oil prices, resulting in total operating revenue of $153.3 million US dollars. Shares in Oil Search have risen 0.97 per cent at noon and are trading at $7.26.
Whitehaven Coal Ltd (ASX:WHC) has confirmed that it will soon consider the takeover offers it has received to buy the NSW-based coal miner. Whitehaven’s board expects to consider which, if any, of these proposals should be recommended to shareholders, indicating that it may not endorse any of the offers. The company has also downgraded its full year underlying profit guidance, from up to $88 million to now $70 million, due to the damage caused by the Japanese earthquake on coal handling and steel plants resulting in deferred deliveries. Shares in Whitehaven Coal have fallen 3.12 per cent at noon and are trading at $6.51.
To the best and worst performers, all are trading in positive territory: The best performing sector is Telco Services, rising 15 points to 987. Shares in Telstra have improved 1.41 per cent and trading at $2.88. Shares in iiNet and Telecom Corporation of New Zealand have also gained at midday. The sector with the smallest gains is Industrials, steady at 3,690. Shares in Virgin Blue Holdings have eased 1.72 per cent and trading at $0.285. Shares in CSR and Emeco Holdings are also lower at noon.
New Zealand: The NZSX50 is 11 points higher. Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock up 0.11 per cent at $9.15 followed by Telecom Corporation of New Zealand, Westpac and ANZ.
Gold and the dollar: Gold is trading at $US1,529 an ounce and the Aussie dollar is buying $US1.0918 cents.
