Despite soft leads the Australian share market has risen 0.9 per cent at noon with the banks and miners leading the gains and all sectors in positive territory.
The S&P/ASX200 index has gained 44 points and is 4,712 at noon. On the futures market the SPI is 52 stronger.
In economic news: RP Data-Rismark has reported that home prices fell for the fourth straight month in April. National city home values were down 0.3 per cent when seasonally adjusted, after a 0.6 per cent fall in March. In the three month to April capital city home prices were down 1.2 per cent. RP Data says as the market cools premium home values seem to be losing steam the fastest.
Company news: Macquarie Group Ltd (ASX:MQG) is reportedly facing resignations at all levels. Market sources have told The Australian Financial Review that the investment bank is too big to pay well and better opportunities exist elsewhere. The AFR says one recruiter has confirmed the report while Macquarie Group has declined to comment. Shares in Macquarie Group have risen 1.52 per cent at noon and are trading at $34.13.
Whitehaven Coal Ltd (ASX:WHC) has struck a deal with Boggabri Coal Pty Ltd regarding an extension to its Tarrawonga joint venture in New South Wales. Under the heads of agreement the proposed arrangement includes tolling arrangements and tenement ownership within an expanded JV area. Shares in Whitehaven Coal have lifted 0.51 per cent and are trading at $5.93.
To the best and worst performers, all are trading in positive territory: The best performing sector is Financial Excluding Real Estate Investment Trusts, advancing 59 points to 5,042. Shares in Lend Lease Group have added 1.83 per cent and trading at $8.90. Shares in Insurance Australia Group and QBE Insurance Group are both in higher at midday. The sector with the smallest gains is Consumer Discretionary firming 3 points to 1,419. Shares in JB Hi Fi have eased 1.45 per cent and trading at $16.94. Shares in Noni B and David Jones have also fallen at noon.
New Zealand: The NZSX50 is 4 point higher. Taking a look at the top four stocks by turnover, Guinness Peat Group is at the top of the list with stock up 1.18 per cent at $0.855 followed by Telecom Corporation of New Zealand, Westpac and Goodman Property Trust.
Gold and the dollar: Gold is trading at $US1,538 an ounce. The Aussie dollar is buying $US1.073 cents.
