Following positive offshore the Australian share market is 0.9 per cent higher at noon, lifted by optimism that Greece could pass austerity measures to aid its debt situation. Most sectors are on positive ground, with the miners fueling gains on the back on stronger commodity prices.
The S&P/ASX200 index has added 37 points to 4,511 at noon. On the futures market the SPI is 28 points higher.
Company news
Sundance Resources Ltd (ASX:SDL) is moving closer to securing a strategic partner for its Mbalam Iron Ore Project in central West Africa. The iron ore explorer today revealed that potential partners and a number of Chinese banking institutions recently visited the site to finalise due diligence. Sundance says it has already shortlisted its preferred potential partners and has started commercial negotiations. Shares in Sundance Resources have gained 1.59 per cent at noon and are trading at $0.32.
Downer EDI Ltd (ASX:DOW) has secured a contract worth more than $50 million for work at Rio Tinto Ltd’s (ASX:RIO) Warramboo infrastructure project in Western Australia. The engineering group says the contract involves earthworks, concrete works, road surfacing and bridge construction and is a significant win for the company. The project is scheduled for completion in April 2012. Shares in Downer EDI have risen 1.13 per cent at noon and are trading at $3.57.
Sectors
Most sectors are in positive territory. The best performing sector is Energy, advancing 289 points to 14,670. Shares in Karoon Gas Australia have gained 3.72 per cent and trading at $5.02. Shares in Canarvon and Woodside Petroleum are both stronger at noon. The only sector in the red is Telco Services easing 6 points to 992. Shares in Reverse have dropped 1.69 per cent and trading at $0.058. Shares in Telecom Corporation of New Zealand and Telstra are also weaker at noon.
New Zealand
The NZSX50 is half a point higher at noon. Taking a look at the top four stocks by turnover, Westpac is at the top of the list with stock up 0.82 per cent at $28.35 followed by Telecom Corporation of New Zealand, Fletcher Building and ANZ.
Gold and the dollar
Gold is trading at $US1,504 an ounce and the Australian dollar is buying $US1.0525 cents.
