Spain and Italy's successful debt auctions have boosted sentiment, pushing the Australian share market 0.5 per cent higher at noon. Most sectors are stronger, with strength in the mining and energy sectors.
The S&P/ASX 200 index has added 22 points and is 4,203. On the futures market the SPI is 26 points higher.
Company news
Gindalbie Metals Limited (ASX:GBG) has confirmed its flagship Karara project in Western Australia is on track for first shipments in the September quarter. Gindalbie has also advised construction costs remain within the $2.6 billion estimate and all primary infrastructure remains on schedule to be completed ahead of the processing plant. The Karara iron ore project is a joint venture with China’s second largest steel maker and biggest iron ore producer, Ansteel. Shares in Gindalbie Metals have gained 7.48 per cent and are trading at $0.575.
Shares in PanAust Limited (ASX:PNA) are trading higher after the copper and gold miner said it finished last year on a high. PanAust achieved record monthly copper production at its Phu Kham copper-gold operation in Laos in December. PanAust also received an award for best development in a rural area from the Laos Government. Full 2012 production guidance is expected when the company releases its December quarterly report on January 24, 2012. Shares in PanAust have risen 2.61 per cent and are trading at $3.54.
Best and worst performers
Most sectors are higher at noon: The best performing sector is: Materials lifting 108 points to 11,237. Shares in Kagara have risen 10.34 per cent and trading at $0.32. Shares in Metallica Minerals and Mirabela Nickel are also higher.
The worst performing sector is Consumer Staples, losing 5 points to 7,520. Shares in Woolworths are 0.19 per cent lower, trading at $25.69. While shares in Coca-Cola Amatil and Metcash are stronger.
New Zealand
The NZSX50 is 11 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 up 1.01 per cent to $2.00, followed by Westpac, Chorus and ANZ.
Gold and the dollar
Gold is trading at $US1,649 an ounce.
The Australian dollar is buying $US1.0334.
