The Australian share market is trading at a one-month high after a rally in global stocks was fuelled by hopes for further monetary easing in China. At midday, it’s up 1.02 per cent.
The S&P/ASX 200 index has risen 43 points and is 4,195. On the futures market the SPI is 46 points stronger.
Economic news
The Bureau of Statistics says the total number of Australian job vacancies for November fell 0.8 per cent to 182,200.
Company news Brambles Limited
(ASX:BXB) has reportedly received first offers from private equity groups for its US document management business, Recall, valued at more than $US2 billion. Fairfax reports three people familiar with the matter say Carlyle Group and Apollo Global Management are among four buyout firms short-listed for the Brambles unit, and have been given access to a data room. Final bids are expected in mid-February, they told Fairfax. Shares in Brambles Limited
(ASX:BXB) are trading 0.14 per cent lower at $7.22.
Kagara Limited
(ASX:KZL) shares have slipped at midday, after it released its quarterly activity report this morning. It says a deterioration in zinc and copper prices has eroded operating margins; and activity and costs are being controlled to protect cash reserves. The company says it remains exposed to short-term fluctuations in metal prices until it can deliver on the outcomes of its five-year production growth strategy. Shares in Kagara Limited
(ASX:KZL) are trading 6.78 per cent lower at 27.5 cents.
Most sectors are performing well
Materials leading the gains up 169 points to 11,081. Shares in Lynas are have risen 3.4 per cent and trading at $1.065. Shares in Alumina and Bluescope are also stronger.
The worst performing sector is Telcos, it’s down 8 points to 1,146. Shares in iiNet have pulled back 3.25 per cent and trading at $2.98. Shares in Reverse Corp and Telstra are lower.
New Zealand
The NZSX50 is 5 points stronger.
Telecom Corporation of New Zealand is at the top of the list with the highest turnover, down 1.97 per cent at $1.99 followed by Guinness Peat Group, Sky City and Fletcher Building.
Gold and the dollar
Gold is trading at $US1,635 an ounce and the Australian dollar is buying $US1.0287.
