The Australian sharemarket opened 0.77 per cent higher this morning and at midday it’s still up, but fresh concerns about European debts have seen the dollar drop a little as well as gold.
The S&P/ASX200 index is 22 points higher at 4,027. On the futures market the SPI is 2 points higher.
Economic news
The Australian Housing Industry Association’s figures shows the total number of new homes sold in August rose by 1.1 per cent across the nation to 6,487, but they’re still hovering around the decade low of 6,428 set in July.
Company news
Paladin Energy Limited (ASX:PDN) is in a trading halt, amid reports it’s seeking up to $70 million. The uranium miner says the offer price will be determined by way of a bookbuild, and it isn't underwritten. It says funds raised will primarily be used to strengthen Paladin's balance sheet. Paladin Energy Limited (ASX:PDN) shares are still in the trading halt but they last traded at $1.31.
And Wesfarmers Limited (ASX:WES) has sold its Premier Coal business to China’s Yanzhou Coal Mining Company for $296.8 million. The mine supplies coal to Western Australia’s state-owned power generator Verve Energy, and is subject to both ASIC and Chinese government conditions. Wesfarmers Limited (ASX:WES) shares at midday were up 0.79 per cent at $31.80.
Best and worst performers
The best performing sector is real estate investment trusts, rising 18 points to 7,77. Shares in Westfield have advanced 4.14 per cent and trading at $7.91.5. Shares in Stockland and Mirvac are also higher.
The worst performing sector is telcos, falling 2 points to 1,047. Shares in Telecom Corporation of NZ have dropped 1.48 per cent and trading at $2. Shares in Telstra are also down and Singtel is flat.
New Zealand
The NZSX50 has added 12 points. The top four stocks by turnover are Telecom Corporation of New Zealand at the top of the list with stock down 2.14 per cent at $2.52 followed by, Fletcher Building, Westpac and Sky City Entertainment.
Gold and the dollar
Gold is trading at $US1,636 an ounce and the Australian dollar is buying 98.72 US cents.
