Boosted by strong offshore leads from encouraging European, Chinese and American manufacturing data, the Australian share market has jumped up to 1.3 per cent this morning. Most sectors are making gains, led by the miners. Rare earths developer Lynas Corporation Limited (ASX:LYC) has surged after Malaysian regulators gave the green light to proceed with its refinery. Wesfarmers Limited (ASX:WES) has also lifted after posting positive first half sales growth from Coles supermarkets.
The S&P/ASX 200 index has advanced 58 points and is 4,284. On the futures market the SPI is 54 points higher.
Company news
Oil and gas explorer Oil Search Limited (ASX:OSH) has awarded production data management company ISS Group Limited (ASX:ISS) a $600,000 contract. The contract is for the next nine months and comprises of licenses, services, maintenance and support. Shares in ISS Group have gained almost 9 per cent to $0.185. Shares in Oil Search are trading 0.15 per cent higher at $6.57.
IronClad Mining Limited (ASX:IFE) has announced another off-take agreement for its 80 per cent owned Wilcherry Hill project in South Australia. The latest four year off-take deal is with Hong-Kong based investment group, New Page Investments, who last month took a $6 million share placement in IronClad. The miner has advised first product is due for export to Chinese customers in the June quarter. Shares in IronClad Mining are trading 2.74 per cent stronger at $0.75.
Best and worst performers
Most sectors have gained: The best performing sector is Materials rising 256 points to 11,675. Shares in Lynas Corporation have surged 17.6 per cent and trading at $1.57. Shares in James Hardie Industries and Gunns are also stronger.
The only sector in the red is Health Care, easing just under 1 point to 7,913. Shares in CSL are 0.96 per cent lower, trading at $31.05. Shares in Blackmores and Sonic Healthcare have also lost value.
New Zealand
The NZSX50 is 19 stronger at noon: Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock down 1.39 per cent to $2.185, followed by Fletcher Building, ANZ and Westpac.
Gold and the dollar
Gold is trading at $US1,748 an ounce.
The Australian dollar is buying $US1.073.
