The Australian sharemarket is defying weak overseas leads, a key meeting between European leaders disappointing international markets. The local market is trading half a per cent higher at noon.
Figures
The S&P/ASX200 index is 20 points higher at 4,268. On the futures market the SPI is 14 points stronger.
Economic news
The Westpac/Melbourne Institute Leading Index, which indicates the likely pace of economic activity in the future was at 1.6 per cent in June, below its long-term trend of three per cent. It’s the lowest growth rate for the index since August 2009.
The Australian Bureau of Statistics Labour Price Index shows the rise in hourly rates of pay rose 0.9 per cent for the quarter.
Company news
Brambles Limited (ASX:BXB) vows to return to its roots, confirming it will sell its Recall document services business. The company posted a six per cent rise in annual net profit of $US475 million. Sales revenue increased 13 per cent. Brambles shares have lifted 2.41 per cent, trading at $6.80.
Rio Tinto Limited (ASX:RIO) halts operations at two iron ore mines in Australia in response to a fatality. The 27-year-old was injured last night while loading equipment in the Pilbara iron belt region. Rio Tinto shares have gained 0.87 per cent, trading at $74.03.
Best and worst performers
The best performing sector is Consumer Staples, adding 113 points to 7,549. Shares in Coca-Cola Amatil have risen 1.87 per cent and trading at $11.45. Shares in Woolworths and Foster's Group are also higher.
The worst performing sector is Health Care shedding 93 points to 7,824. Shares in Biota have dropped 2.81 per cent and trading at $0.865. Shares in CSL and Cochlear are also lower at noon.
New Zealand
The NZSX50 is 22 points higher.
Taking a look at the top four stocks by turnover, Westpac is at the top of the list with the stock gaining 1.38 per cent at $25.80 followed by Telecom Corporation of New Zealand, Telstra and ANZ.
Gold and the dollar
Gold is trading at $US1,785 an ounce and the Australian dollar is buying $US1.0446 cents.
