The Australian sharemarket opened about one per cent higher and has continued higher at noon after a positive finish to weekend offshore trading and a boost in local airline shares.
The S&P/ASX200 index has risen 44 points to 4,636 at noon. On the futures market the SPI is 35 points higher.
Economic news
The TD Securities-Melbourne Institute monthly inflation gauge was flat in June, after slowing to 0.2 per cent in May from 0.3 per cent in April.
Company news
Latex manufacturer Ansell Limited (ASX:ANN) has bought Sandel Medical Industries for $US13.5 million ($12.8m). Sandel, a US surgical safety products maker, has an annual turnover of $US10million. Ansell chief executive Magnus Nicolin said that the takeover was an important step in the company's strategy to expand in the surgical safety segment. Shares in Ansell Limited (ASX:ANN) have risen 0.07 per cent at noon and are trading at $14.17.
Nufarm Limited (ASX:NUF) has appointed a new CFO to succeed Kevin Martin, who quit the role in March. Paul Binfield will take over the position, after a stint as finance director at a division of Wesfarmers. Shares in Nufarm Limited (ASX:NUF) have risen 1.33 per cent at noon and are trading at $4.56.
Sectors
The best performing sector is Industrials, advancing 48 points to 3,580. Shares in Virgin Blue (ASX:VBA) have gained 8.77 per cent and trading at $0.31. Shares in Qantas (ASX:QAN) and Hastie Group (ASX:HST) are both stronger at noon.
The worst performing sector is Real Estate Investment Trusts, but it’s still in the green, having risen 4 points to 840. Shares in Stockland (ASX:SGP) have dropped 0.89 per cent and trading at $3.34. Shares in Mirvac Group (ASX:MGR) and GPT Group (ASX:GTP) are also weaker at noon.
New Zealand
The NZSX50 is 14 points stronger at noon. Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock up 0.8 per cent at $2.535 followed by Fletcher Building, Westpac and ANZ.
Gold and the dollar
Gold is trading at $US1,492 an ounce and the Australian dollar is buying $US1.0767 cents.
