The Australian share market bounced 1 per cent at open and has remained at session highs following positive offshore leads. The miners are leading gains amid news Chinese banks lent more than expected last month and ahead of the nation’s first quarter growth figures due later today.
The S&P/ASX 200 index has gained 45 points and is 4,325. On the futures market the SPI is 38 points higher.
Company news
Engineering company UGL Limited (ASX:UGL) has secured $370 million in new projects, with more than $270 million from the resources industry. Under the contracts awarded UGL will work on Fortescue Metals Group Limited’s (ASX:FMG) Solomon mine project in Western Australia, Rio Tinto Limited’s (ASX:RIO) Hail Creek mine in Queensland and BHP Billiton Limited’s (ASX:BHP) coal operations in Queensland. Shares in UGL have risen 0.86 per cent and are trading at $12.87.
Toll road operator Transurban Group (ASX:TCL) says its revenue rose in the first three months of this year. March quarter revenue gained 5.1 per cent from the year before to $230.6 million. The improvement was boosted by a rise in revenue from all of its roads, except for Sydney's M2 motorway which is undergoing major upgrade work. Shares in Transurban Group have firmed 0.18 per cent and are trading at $5.61.
Best and worst performers
All sectors are adding value: The best performing sector is Materials gaining 228 points to 10,986. Shares in Lynas Corporation Limited (ASX:LYC) have risen 8.25 per cent and trading at $1.115. Shares in PanAust Limited (ASX:PNA) and BHP Billiton Limited (ASX:BHP) are also stronger.
The sector with the smallest gains is Telco Services, losing 3 points to 1,155. Shares in Hutchison Telecommunications (ASX:HTA) have fallen 2.22 per cent, trading at $0.044. Shares in Telecom Corporation of New Zealand (ASX:TEL) and Telstra Corporation Limited (ASX:TLS) are also lower.
New Zealand
The NZSX50 is 3 points higher at noon. Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock up 1.3 per cent at $6.23, followed by Ryman Healthcare, Westpac and Telecom Corporation of New Zealand.
Gold and the dollar
Gold is trading at $US1,676 an ounce.
The Australian dollar is buying $US1.0447.
