The Australian share market has advanced 1.2 per cent at noon, buoyed by positive offshore leads. Broad based gains have been boosted by the miners and energy stocks after a rebound in commodity prices.
The S&P/ASX200 index has gained 55 points and is 4,749 at noon. On the futures market the SPI is 59 stronger.
Company news: Foster's Group Ltd’s (ASX:FGL) recently spun-off wine division, Treasury Wine Estates Ltd (ASX:TWE), has already caught the eye of potential suitors. Constellation Brands Inc CEO Rob Sands has admitted the company would consider an acquisition should the wine business go up for sale. Treasury Wine Estates debuted on the Australian Securities Exchange last week at $3.21 per share. Shares in Treasury Wine Estates have today fallen 1.41 per cent at noon and are trading at $3.50.
Optus, a wholly owned subsidiary of Singapore Telecommunications Ltd (ASX:SGT), has been hit with a $178,200 fine from Australia’s competition regulator. The Australian Competition and Consumer Commission says Optus’ Max Cap advertising campaign was misleading as it led customers to believe they would pay a maximum rate per month, but instead this was the minimum cost per month. The ACCC has issued 27 infringement notices, each with a fine of $6,600. Shares in Singapore Telecommunications are steady at $2.39.
Best and worst performers: Most are in positive territory, and Energy is up the top, up 232 points at 16,116. Shares in Aquila Resources have lifted 7.27 per cent and trading at $8.70. Shares in Aurora Oil & Gas and Beach Energy are stronger at noon. The worst performing sector is Utilities easing 4 points to 4,350. Shares in Challenger Infrastructure Fund have slipped 1.79 per cent and trading at $1.10. Shares in Envestra and AGL Energy have also fallen at noon.
New Zealand: The NZSX50 is 6 point higher. Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock down 0.84 per cent at $2.355 followed by ANZ, Argosy Property Trust and Fletcher Building.
Gold and the dollar: Gold is trading at $US1,499 an ounce. The Aussie dollar is buying $US1.0656 cents.
