After a cautious start the Australian share market is just slightly higher at noon. Most sectors are trading in a narrow range, but on positive ground. The local bourse has shrugged off disappointing US data and lingering European debt concerns. No domestic economic data is scheduled for release today.
The S&P/ASX200 index has lifted 9 points and is 4,342 at noon. On the futures market the SPI is 19 points higher.
Company news
Shares in Energy Resources of Australia Limited (ASX:ERA) have fallen after the uranium miner revealed that it swung from a profit to a loss in the first half of the 2011 financial year. Wet weather in the Northern Territory, that caused its Ranger Mine operations to be suspended, has been blamed for an interim loss of $121.75 million compared to a profit of $22.7 the year before. Looking ahead, the Rio Tinto Limited (ASX:RIO)-controlled company said that it continues to envisage a strong future for uranium, including continued price and demand growth with long-term demand exceeding planned supply. Shares in Energy Resources of Australia have fallen 5.76 per cent to $4.09.
Duet Group (ASX:DUE) has announced that it will raise $277 million through an entitlement offer to strengthen its capital structure and pay down debt. The energy utility investor will offer the new stapled securities at $1.52 each, a 5 per cent discount to the last traded price. Duet has also today forecast a 16 cent security distribution for the current financial year, and set a target of 3 per cent annual growth in distributions for the medium term. Shares in Duet Group last traded at $1.60, before entering into a trading halt.
Sectors
Most sectors are on positive ground: The best performing sector is Health Care, gaining 55 points to 7,949. Shares in CSL have risen 1.59 per cent and trading at $29.97. Shares in Resmed and Ansell are also higher. The worst performing sector is Utilities easing 23 points to 4,266. Shares in Spark Infrastructure Group have fallen 1.15 per cent and trading at $1.29. Shares in AGL Energy and Envestra are also lower.
New Zealand
The NZSX50 is 8 points 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 0.19 per cent at $2.66 followed by Sky City Entertainment Group, Pyne Gould Corporation and Westpac.
Gold and the dollar: Gold is trading at $US1,664 an ounce and the Australian dollar is buying $US1.072 cents.
