The Australian share market’s up around two per cent at midday, starting the trading week on a high - led by solid gains for miners amid global stocks rallying on hopes of a resolution to the euro zone debt crisis on Wednesday.
The S&P/ASX200 index is up 66 points to 4,272. On the futures market the SPI is 57 points higher.
Economic news
The ABS’s producer price index for the September quarter shows prices rose 0.6 per cent for the quarter, and are now 2.7 per cent higher than one year ago.
Company news
Straits Resources Limited (ASX:SRQ) has finalised a US$50 million silver loan facility from Credit Suisse in return for delivering 1.96 million ounces of silver over three years. The facility also includes a mandatory hedging requirement of 75,000 ounces of gold equivalent over the term of the facility. Straits Resources Limited (ASX:SRQ) shares are up 0.69 per cent at $24.66.
Asciano Limited’s (ASX:AIO) refinanced its $1.44 billion debt facilities at a lower interest rate and with less banks. The weighted average cost of its total debt pile to the end of June 2012 will now be 8.2 per cent, which is 30 basis points below the cost during the previous year.
Shares in Asciano Limited (ASX:AIO) shares are up 2.2 per cent at $5.57.
Best and worst performing sectors
Materials is the best performer at midday, up 258 points to 11,815. Shares in Ord River have added 11.9 per cent and trading at 23.5 cents. Shares in White Energy and PanAust have also firmed.
Telcos is the worst performing sector, but its still up 60 points to 7,600. Shares in Amcom are steady at $5.29. Shares in Telstra and Telecom Corporation of New Zealand are also higher.
New Zealand
After winning the Rugby World Cup last night, they’re taking a break across the Tasman today. The NZ market will reopen tomorrow.
Gold and the dollar
Gold is trading at $US1,679 an ounce and the Australian dollar is buying $1.317 US cents.
