The Aussie sharemarket is higher for the sixth session in a row: it’s up about half per cent at midday buoyed by a positive finish to the week by global shares.
The S&P/ASX200 index is up 29 points and is 4,317. On the futures market the SPI is 28 points higher.
Economic news
Data released by the Department of Education, Employment and Workplace Relations shows unions are paying off for their members: the average annualised wage increase through collective agreements was 4.1 per cent in the June quarter, up from four per cent in the previous quarter.
Australia's services sector continued to contract in November. The Australian Industry Group/Commonwealth Bank Australian Performance of Services Index (PSI) fell 1.1 points to 47.7 points in November.
Company news
The Federal Court has ruled that some penalty fees charged by Australia and New Zealand Banking Group Limited (ASX:ANZ) are unacceptable and need to be paid back. The ruling is part of a class action supported by 34,000 customers, who are after about $50 million in compensation. Justice Michelle Gordon has found four fees charged by the bank, including late payment fees, could be considered excessive and therefore illegal. Shares in ANZ are up 0.67 per cent, and are trading at $21.02.
Australian infrastructure firm UGL Limited (ASX:UGL) has bought UK consultancy DTZ Holdings (LON:DTZ) for 77.5 million pounds. The purchase is part of UGL’s plan to expand its corporate property services and capture growth in China. The deal gives UGL a combined annual revenues of A$5.1 billion. Shares in UGL Limited are trading 0.62 per cent lower at $12.82.
Best and worst performers
The best performing sector is real estate investment trusts, rising 7 points to 831. Shares in Stockland are up 2.49 per cent at $3.495, Mirvac and Westfield Retail Trust are also higher at midday.
The worst performing sector is utilities, down 6 points to 4,556. Shares in SP Ausnet are down 1.03 per cent at 96 cents. Shares in Spark Infrastructure and AGL Energy are also lower.
New Zealand
The NZSX50 has gained 5 points. The top four stocks by turnover: Chorus is down 1.63 per cent to $3.01 followed by Telecom Corporation of New Zealand, Fletcher Building and Westpac.
Gold and the dollar
Gold is trading at $US1,754 an ounce and the Australian dollar is buying US$1.0245.
