The Australian sharemarket is up half a per cent at noon on the back of strong US leads with the latest economic data pointing to a strengthening economy there.
The S&P/ASX 200 index has gained 22 points and is 4,278. On the futures market the SPI is 26 points higher.
Company news
Queensland’s Department of Environment and Resource Management (DERM) says it’s investigating Orica Limited (ASX:ORI) over the release of waste water containing high levels of cyanide into Gladstone Harbour. The environmental body says the company could face fines of $832,000. Orica is licensed to discharge small amounts of cyanide via a waste facility. Orica shares have lifted 0.61 per cent, trading at $26.30.
Sundance Resources Limited (ASX:SDL) has entered into a memorandum of understanding with Core Mining regarding the provision and use of future infrastructure facilities in Africa. Sundance chairman George Jones says the collaboration is evidence of the commitment both companies have to developing a new world-class iron ore region in central West Africa. Once in production, Sundance says there’s the potential to produce up to 70 million tonnes per annum of direct shipping ore from two projects alone. Sundance Resources shares have gained 1.22 per cent, trading at $0.415.
Best and worst performers
The best performing sector is Health Care adding 78 points to 8,189. Shares in Sonic Healthcare Limited (ASX:SHL) have risen 1.84 per cent and are trading at $11.65. Shares in CSL Limited (ASX:CSL) and Primary Health Care Limited (ASX:PRY) are also stronger.
The sector with the smallest gains is Consumer Discretionary, gaining 2 points to 1,287. Shares in Ten Network Holdings Limited (ASX:TEN) have fallen 1.6 per cent, trading at $0.797. Shares in David Jones Limited (ASX:DJS) and Billabong International Limited (ASX:BBG) are also down at noon.
New Zealand
The NZSX50 is 31 points higher 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 1.86 per cent higher at $2.195, followed by Chorus, Fletcher Building, and ANZ.
Gold and the dollar
Gold is trading at $US1,721 an ounce and the Australian dollar is buying $US1.0807.
