Following strong offshore leads, the Australian share market opened higher and is 0.5 per cent up at noon boosted by positive US economic data and comments from the Federal Reserve overnight.
The S&P/ASX 200 index is 25 points up at 4,385. On the futures market the SPI is 7 points lower.
Company news
Seven West Media Limited (ASX:SWM) has plunged over 15 per cent in early trade following a revision to its earnings figures late on Tuesday. The media group downgraded its earnings by $50 million to a range of $460-$470 million. The company which owns the Seven TV network has seen its ratings slide over the last few weeks. Shares in Seven West are trading down 15.38 per cent at $3.19.
Gold and Copper explorer Indophil Resources (ASX:IRN) says the Philippines Government is close to finalising and issuing a new minerals and policy statement which should assist with resolving a provincial ban on its open pit mining. Shares in Indophil are trading up 2.53 per cent at $0.405.
Best and worst performers
The best performing sector is Financials Excluding Real Estate Investment Trusts gaining 39 points to 4,940. Shares in Bank of Queensland Limited (ASX:BOQ) have risen 1.8 per cent and trading at $7.35. Shares in QBE Insurance Group and Challenger are also stronger.
The worst performing sector is Consumer Discretionary, falling 9 points to 1,299. Shares in Retail Food Group Limited (ASX:RFG) have fallen 0.36 per cent, trading at $2.73. Shares in Super Retail Group and Flight Centre are also lower.
IPOs
Armour Energy (ASX:AJQ) started trading today, with an issue price of $0.50 opening at $0.50 and currently trading at $0.445.
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 down 1.52 per cent at $2.59, followed by ANZ, Chorus and Westpac.
Gold and the dollar
Gold is trading at $US1,645 an ounce.
The Australian dollar is buying $US1.0362.
