Following positive leads, the Australian share market opened higher and has been trading in positive territory lifted by reports of steady US monetary policy. The ASX is almost 0.8 per cent higher at noon.
The S&P/ASX 200 index is 36 points up at 4,299. On the futures market the SPI is 40 points higher.
Company news
CFS Retail Property Trust (ASX:CFX) has sold its 50 per cent interest in The Myer Centre, Brisbane to IPST for $366 million. CFS announced a unit buy-back of up to $150 million. Shares in CFS are trading up 0.28 per cent at $1.79.
Stockland (ASX:SGP) has revised its FY 2012 earnings per share (EPS) to 30.5 cents, 3.5 per cent lower than last year. Managing Director Matthew Quinn says, recovery is likely to be slow unless there is a reduction in interest rates that will boost affordability and buyer confidence. Shares in Stockland are trading down 3.82 per cent at $3.02.
Best and worst performers
The best performing sector is Health Care gaining 114 points to 8,488. Shares in Cochlear Limited (ASX:COH) have risen 3.84 per cent and trading at $59.47. Shares in Ramsay Health Care Limited (ASX:RHC) and Sigma Pharmaceutical Limited (ASX:SIP) are also stronger.
The worst performing sector is Real Estate Investment Trusts, falling 1 point to 821. Shares in Stockland (ASX:SGP) have fallen 3.82 per cent, trading at $3.02. Shares in Mirvac Group (ASX:MGR) and Ardent Leisure Group (ASX:AAD) are also lower.
New Zealand
The NZSX50 is 8 points up 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 up 1.04 per cent at $2.42, followed by Fletcher Building, Australia and New Zealand Banking Group and Westpac Banking.
Gold and the dollar
Gold is trading at $US1,689.50 an ounce and the Australian dollar is buying $US1.053 cents.
