Following weak US and European leads, the Australian share market opened steady but has started to re-gain momentum thanks to the mining sector and is 0.3 per cent up at noon.
The S&P/ASX 200 index is 11 points up at 4,360. On the futures market the SPI is 3 points higher.
Economic news
The Australian Bureau of Statistics has reported an increase of 11 per cent in merchandise imports for March.
Company news
Santos Limited (ASX:STO) has confirmed its full-year output guidance after boosting its first quarter production and sales revenue.
The oil and gas company produced 13 per cent more barrels of oil equivalent in the quarter compared to the year before, aided by new projects.CEO David Knox says higher production and strong oil and gas prices have delivered a solid first quarterly result for Santos, setting a strong foundation for the year ahead. Shares in Santos have risen 1.43 per cent and are trading at $14.20.
Shares in Asciano Limited (ASX:AIO) have entered into a trading halt today as the transport infrastructure company prepare to reveal a union deal.The company says it is currently finalising the details of an agreement it’s reached with the Maritime Union of Australia. The deal relates to the agreement for Asciano’s Patrick container terminals. Shares in Asciano last traded at $4.75.
Best and worst performers
The best performing sector is Energy gaining 105 points to 14,170. Shares in Linc Energy Limited (ASX:LNC) have risen 3.38 per cent and trading at $1.225. Shares in Santos and Woodside Petroleum are also stronger.
The worst performing sector is Telco Services, falling 8 points to 1,147. Shares in Telstra Corporation Limited (ASX:TLS) have fallen 0.74 per cent, trading at $3.335. Shares in Singtel and Hutchison are both flat.
New Zealand
The NZSX50 is 5 points down 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 steady at $2.53, followed by Fletcher Building, Westpac and Chorus.
Gold and the dollar
Gold is trading at $US1,642 an ounce and the Australian dollar is buying $US1.037 cents.
