Following a positive US lead, the Australian share market opened slightly higher with investors looking to Greece and Italy for developments. At home the health care, mining and financial stocks are higher while the retailers are weaker.
The S&P/ASX200 index has added 7 points and is 4,280. On the futures market the SPI is 1 point higher.
Economic news
The Australian Bureau of Statistics has reported that Australia's trade surplus narrowed in September, missing expectations for a rise. The balance on goods and services came in at a seasonally adjusted surplus of $2.564 billion, from a downwardly revised surplus of $2.953 billion the month before.
National Australia Bank's monthly business survey has shown business conditions softened in last month, but confidence rose. In October, conditions pulled back 3 index points to minus 1, while confidence rose 3 points to plus 2 index points.
Company news
Newcrest Mining Limited (ASX:NCM) has raised $US1 billion in corporate bonds, its first such offering in the US. The gold producer’s offer includes $US750 million of 10 year bonds and $US250 million of 30 year bonds. Newcrest will put the proceeds to repaying existing unsecured indebtedness and to partially fund the company's major growth projects. Shares in Newcrest Mining have risen 1.12 per cent, trading at $36.12.
Aurora Oil & Gas Limited (ASX:AUT) has inked a credit deal with a syndicate of banks for a $US300 million senior secured revolving credit facility. Funds will be provided over the next five years with an initial borrowing base set at $US85 million. The oil and gas company will inject the funds into its drilling program at the Sugarkane Field Eagle Ford project in Texas and for general corporate purposes. Shares in Aurora Oil & Gas have gained 1.25 per cent, trading at $3.24.
Best and worst performers
The before performing sector is Health Care, lifting 89 points to 7,803. Shares in Ansell have gained 1.33 per cent and trading at $14.48. Shares in Mesoblast and CSL are also stronger.
The worst performing sector is Consumer Discretionary, easing 9 points to 1,249. Shares in David Jones have lost 2.19 per cent and trading at $3.13. Shares in Tabcorb and Tatts Group have also dropped at noon.
New Zealand
The NZSX50 is 6 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 rising 1.33 per cent to $2.67 followed by ANZ, Fletcher Building and Transpacific Industries.
Gold and the dollar
Gold is trading at $US1,793 an ounce.
The Australian dollar is buying $US1.0356.
