The share market is up slightly by 0.12 per cent just after midday; BHP and Rio supporting the bourse after making profit and planning announcements.
The S&P/ASX 200 index has gained 4 points and is 4,278. On the futures market the SPI is 7 points lower.
Company news
Rio Tinto Limited (ASX:RIO) says it’s investing a further US$3.4 billion in the expansion of its iron ore operations in Western Australia. That includes US$2.2 billion to extend the life of the Nammuldi iron ore mine, and US$1.2 billion for the Cape Lambert port and rail early works. The miner’s expecting capital intensity of expansion from 220 million tonnes a year to 353 million tonnes a year. Australian chief executive Sam Walsh says the announcement is a significant milestone in Rio’s drive towards a more than 50 per cent increase in the size of iron ore operations in the state. Shares in RIO are trading 0.75 per cent lower at $70.48.
Australand Property Group (ASX:ALZ) has reported a 15 per cent drop in full-year net profit to $140.6 million for 2011. That is down from $165.8 million in 2010. The company says earnings were hit by the hefty cost of revaluing seven development projects in Queensland, as well as a $24.2 million loss on interest rate derivatives. But it says it can improve earnings in 2012, despite difficult market conditions.
Shares in Australand have gained 1.52 per cent and are trading at $2.67.
Best and worst performers
The best performing sector is Real Estate Investment Trusts gaining 6 points to 828. Shares in CFS Retail Property Trust are up 1.74 per cent at $1.75 followed by Mirvac and Westfield retail.
The worst performer is Materials, losing 25 points to 11,700. Shares in Aquarius Platinum are 2.55 per cent lower, trading at $2.485. Shares in Cape Lambert and Grange have also lost value.
New Zealand
The NZSX50 is down 0.41 points at noon.
Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock flat at $6.54, followed by Telecom Corporation of New Zealand, Westpac and Chorus.
Gold and the dollar
Gold is trading at $US1,747 an ounce and the Australian dollar is buying $US1.0788.
