The Australian share market has surged more than 2.258 per cent at midday, on the back on strong offshore leads.
The S&P/ASX 200 index has risen 92 points and is 4,194. On the futures market the SPI is 105 points stronger.
Company news
Insurance Australia Group Limited (ASX:IAG) has increased its reinsurance program by $600 million. The group says its catastrophe reinsurance program for 2012 includes protection for up to $4.7 billion, compared with $4.1 billion last year. Chief executive Mike Wilkins says the group’s pleased to have completed the program in a challenging market. Shares in Insurance Australia Group Limited (ASX:IAG) are trading 0.5 per cent higher at $3.045.
And Bandanna Energy Limited (ASX:BND) is pursuing discussions with a number of third parties to get funding to develop its mines in the Bowen Basin in Queensland. It says it terminated a formal review that was being undertaken with investment bank UBS in 2011, but it’s had continuing interest in joint venture participation. Shares in Bandanna Energy Limited (ASX:BND) are trading 2.46 per cent higher at 62.5 cents.
Best and worst performers
All sectors are in positive territory, led by Materials lifting 336 points to 11,001. Shares in Onesteel have risen 6.34 per cent and trading at 75.5 cents. Shares in Boral and Mirabela are also stronger.
The worst performing sector is Telcos, but it’s up 16 points to 1,162. Shares in Telecom Corporation of New Zealand have pulled back 1.27 per cent and trading at $1.55. Shares in Enerji are flat and Telstra are higher.
New Zealand
The NZSX50 is 8 points stronger.
Telecom Corporation of New Zealand is at the top of the list with the highest turnover, down 0.97 per cent at $2.05 followed by Guinness Peat Group, Fletcher Building, and Rakon.
Gold and the dollar
Gold is trading at $US1,599 an ounce and the Australian dollar is buying $US1.0355.
