Midday: ASX up almost 1%

Market Reports

The Australian share market started the day almost one per cent higher, after a rally of European stocks despite ratings downgrades, and ahead of the release of Chinese quarterly gross domestic product data today. At midday, it’s up 0.91 per cent.
 
The S&P/ASX 200 index has risen 38 points and is 4,185. On the futures market the SPI is 29 points stronger. 
 
Company news

Paladin Energy (ASX:PDN) shares have been heavily traded today in anticipation of the release late this morning of its quarterly activities report. It says record production was reached at its mines. It’s crushed 26 per cent more ore in the December quarter at its Langer Heinrich mine, and a 60 per cent increase of production at its Kayelekera mine despite 12 days of lost production in October due to the acid plant being offline.
Shares in Paladin are trading 8.82 per cent higher at $1.665.
 
OM Holdings (ASX:OMH) says lower manganese ore prices and unfavourable foreign exchange movements have impacted its gross profit margin. It’s expecting a loss of $12 million for the year to December 2011. The company says the average manganese ore benchmark price last year was down 25 per cent. Shares in OM Holdings are trading 4.94 per cent higher at 42.5 cents. 
 
Best and worst performers

Sll sectors have advanced: the best performing sector is: telcos lifting 18 points to 1,139. Shares in Telstra have risen 1.52 per cent and trading at $3.34. Shares in Singtel are up and Enerji is flat.
 
The worst performing sector is Utilities, but it’s up 8 points to 4,619. Shares in Australian power and Gas have pulled back 4.84 per cent and are trading at 59 cents. Shares in SP Ausnet and Spark Infrastructure are lower. 
 
New Zealand

The NZSX50 is 4 points higher. The top four stocks by turnover are Telecom Corporation of NZ are steady at $1.98, followed by Diligent Board, Chorus and Heartland.
 
Gold and the dollar

Gold is trading at $US1,646 an ounce and the Australian dollar is buying $US1.0333.    

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