Following weak offshore leads, the Australian share market opened lower but gained momentum after CPI figures were released and is 0.4 per cent up at noon.
The S&P/ASX 200 index is 12 points up at 4,365. On the futures market the SPI is 12 points higher.
Economic news
The Australian Bureau of Statistics has reported that the Consumer Price Index for the March quarter as 0.1 per cent for headline inflation, which is lower than the predicted 0.6 per cent increase. The reading is the highest for the year so far.
Company news
Oil and gas explorer Oil Search Limited (ASX:OSH) has reported a fall in its first quarter production. Oil Search says production was impacted by a 16 day planned facilities shutdown for work related to the PNG LNG Project. Total operating revenue was $187.2 million, 7 per cent down from the quarter before. Shares in Oil Search are trading down 0.14 per cent at $7.38.
Mineral explorer Sihayo Gold Limited (ASX:SIH) has requested a trading halt today pending an announcement on the placement of shares in the company. Sihayo has gold exploration projects in Indonesia and is focused on developing them into operational stage. Shares in Sihayo last traded at $0.18.
Best and worst performers
The best performing sector is Telco Services gaining 12 points to 1,181. Shares in Singapore Telecommunications Limited (ASX:SGT) have risen 1.66 per cent and trading at $2.45. Shares in Telstra and Telecom Corporation of New Zealand are also stronger.
The worst performing sector is Materials, falling 87 points to 10,927. Shares in Newcrest Mining Limited (ASX:NCM) have fallen 4.02 per cent, trading at $26.49. Shares in Discovery Metals and One Steel are also lower.
New Zealand
The NZSX50 is 4 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 up 0.59 per cent at $2.565, followed by Chorus, ANZ and Westpac.
Gold and the dollar
Gold is trading at $US1,637 an ounce and the Australian dollar is buying $US1.0279 cents.
