Following positive offshore leads, the Australian share market opened higher and looks to be regaining ground in anticipation of the federal budget this evening.
The S&P/ASX 200 index is 6 points up at 4,307. On the futures market the SPI is 14 points higher.
Company news
Telstra Corporation Limited (ASX:TLS) has committed to purchase $US5.1 million worth of satellite equipment and product bundles from World Reach Limited (ASX:WRR) subsidiary Beam Communications Pty Ltd . The agreement is set for the next 12 months. Beam Communications has developed and manufactured a range of next generation Extreme Docking Stations that comply with its satellite handsets. The equipment is designed for the mining, transport and emergency services markets. Shares in Telstra are trading up 1.12 per cent at $3.60.
Oil and gas explorer Texon Petroleum Limited (ASX:TXN) has spudded two wells in Texas in the Olmos oil play and the Eagle Ford shale. Both are expected to add to its production figures. Texon is an Australian-based explorer with its operations located in the Gulf of Texas.Shares in Texon are trading up 1.74 per cent at $0.58.
Best and worst performers
The best performing sector is Telco Services gaining 10 points to 1,233. Shares in Telstra Corporation Limited (ASX:TLS) have risen 1.12 per cent and trading at $3.60. Shares in TPG Telecom is stronger with Singapore Telecommunications steady at noon.
The worst performing sector is Consumer Staples, falling 31 points to 7,701. Shares in Woolworths Limited (ASX:WOW) have fallen 0.83 per cent, trading at $26.37. Shares in Wesfarmers and Coca-Cola Amatil are also lower.
Gold and the dollar
Gold is trading at $US1,637 an ounce and the Australian dollar is buying $US1.0173.
