The Australian sharemarket is trading in the black at midday, with investors racing to take advantage of what could be a significant bounce-back.
The S&P/ASX200 index is up 19 points to 4,569 at noon. On the futures market the SPI is up 14 points.
Company news
Leighton Holdings Ltd (ASX:LEI) reports it expects to lose $430 million on the Brisbane AirportLink project. Leighton originally forecast a profit of more than $400 million. The chief financial officer said the cost of the project had increased due to changes to design and severe wet weather. The company also indicated that the mid 2012 completion date was not set in stone. Leighton shares are down 0.09 per cent at noon and are trading at $21.70.
Gloucester Coal Ltd (ASX:GCL) says it will offer more than one million new shares to investors in a bookbuild. The news follows a shortfall in a retail capital raising. New shares will be allotted on Thursday June 16th and normal trading will commence the day after. Shares in Gloucester Coal have risen 1.0 per cent and are trading at $8.07.
Sectors
To the best and worst performers: The best performing sector is Energy, adding 125 points to 15,647. Shares in Paladin Energy Ltd have gained 3.32 per cent and are trading at $2.80. Shares in Aurora Oil & Gas Ltd and Whitehaven Coal Ltd are both stronger at noon.
The worst performing sector is Real Estate Investment Trusts falling 2 points to 850. Shares in Stockland have dropped 0.86 per cent and are trading at $3.44. Shares in Charter Hall Retail and Westfield Group are also weaker at noon.
New Zealand
The NZSX50 is up 9 points.
Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock up 0.82 per cent at $8.64 followed by Telecom Corporation of New Zealand, Westpac, and ANZ.
Gold and the dollar
To gold and the dollar: Gold is trading at $US1,544 an ounce and the Aussie dollar is buying $US1.0646 cents.
