The local market has extended its gains this morning after strong leads from Wall Street, up 2 per cent at midday.
The S&P/ASX200 index has advanced 83 points and is 4,155 at noon. On the futures market the SPI is up 72 points.
Company news
Protesters have once again forced work to stop at Gunns Limited’s (ASX:GNS) northern Tasmanian pulp mill. Members of the environmental group Code Green attached themselves to machinery this morning. A spokesperson for the group said action needed to be taken because it believes the company’s permits have expired. The Environmental Protection Authority will announce if the permits are still valid. Shares in Gunns have been in a trading halt since August and last traded at $0.205.
WorleyParsons Limited (ASX:WOR) has won a contract to support the expansion of the Serra Azul iron ore mining unit in Brazil. The Project includes a new iron ore processing plant with connecting conveyor belt to the proposed new railroad terminal. WorleyParsons will provide engineering, procurement and construction management services. The contract is worth $US150 million. WorleyParsons shares have risen 4.15 per cent at noon and are trading at $26.85.
Best and worst performers
All are trading higher. The best performing sector is Real Estate Investment Trusts gaining 23 points to 777. Shares in Stockland have advanced 4.23 per cent and are trading at $2.96. Shares in Westfield Group and Australand Property Group are also stronger.
The sector with the smallest gains is Telco Services adding 4 points to 1,054. Shares in Reverse Corporation have sunk 14.29 per cent to $0.036. Shares in Eftel and iiNet are also lower at noon.
IPOs
Cradle Resources Limited (ASX:CXX) started trading today at $0.22, a 2 cent premium to its issue price of $0.20. It is currently trading at $0.23.
New Zealand
The NZSX50 has risen 24 points.
Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock 1.58 per cent higher at $2.57 followed by Fletcher Building, Goodman Property Trust and Westpac.
Gold and the dollar
Gold is trading at $US1,777 an ounce and the Australian dollar is buying $US1.0329 cents.
