The Australian share market has started the new year 1 per cent higher, despite mixed offshore leads. While US and UK markets are yet to begin the 2012 trading year Germany and France posted a healthy start to the new year. At home the miners and financials are leading the gains with health care and utilities sectors trading lower.
The S&P/ASX 200 index has risen 35 points and is 4,092. On the futures market the SPI is 51 points stronger.
Company news
Westpac Banking Corporation (ASX:WBC) has reclassified more than $28 billion in property loans after errors were detected in its books following an internal review. A Westpac spokesperson has told The Australian the mistakes were passed on to the Australian Prudential Regulation Authority. The changes are not expected to impact the bank’s financial statements or position. Shares in Westpac Banking Corporation are trading 1 per cent higher at $20.20.
Orica Limited (ASX:ORI) has been put on notice from the New South Wales Premier, Barry O'Farrell. According to the Australian Associated Press Mr O'Farrell has told Orica he will close the chemical manufacturer’s Newcastle plant if it leaks again. The plant is scheduled to reopen today after a series of leaks forced the plant to shut down last year. Shares in Orica are trading 0.29 per cent higher at $24.31.
Best and worst performers
Most sectors have advanced: The best performing sector is: Materials lifting 150 points to 10,643. Shares in Atlas Iron have risen 2.22 per cent and trading at $2.76. Shares in Gunns and Cape Lambert Resources are also stronger.
The worst performing sector is Health Care, losing 32 points to 7,956. Shares in Sigma Pharmaceuticals have pulled back 2.73 per cent and trading at $0.535. Shares in CSL and Sonic Healthcare are also lower.
Gold and the dollar
Gold is trading at $US1,573 an ounce.
The Australian dollar is buying $US1.0271.
