Despite negative offshore leads, the Australian share market opened higher and is 0.5 per cent up at noon.
The S&P/ASX 200 index is 19 points up at 4,065. On the futures market the SPI is12 points higher.
Economic news
The Commonwealth Bank Business Sales Indicator has risen by 0.5 per cent in April, slowing down from 0.8 per cent reported the month before. Hotels and business services were among the six industry sectors that had fallen for the month.
Company news
Leighton Holdings Limited (ASX:LEI) chief has reportedly said its Middle East joint venture with the Al Habtoor Group had become a problem according toThe Financial Review today. Leighton had joined the group in 2007 and has since written down two-thirds of the value of the joint venture. Shares in Leighton are trading up 1.19 per cent at $17.00.
Mineral explorer Syrah Resources Limited (ASX:SYR) will divest its interest in Syrah’s Saudi Arabian subsidiary, in order to concentrate on its core portfolio of projects in Africa. Syrah resources shares haven risen 900 per cent since October last year and were last trading at $0.94.
Best and worst performers
The best performing sector is Financials excluding Real Estate Investment Trusts gaining 45 points to 4,560. Shares in Westpac Banking Corporation (ASX:WBC) have risen 1.81 per cent and trading at $20.78. Shares in Bank of Queensland and National Australia Bank are also stronger.
The worst performing sector is Industrials, falling 22 points to 3,363. Shares in Boart Longyear Limited (ASX:BLY) have fallen 3.26 per cent, trading at $2.97. Shares in Macquarie Atlas Roads and CSR are also lower.
Gold and the dollar
Gold is trading at $US1,596 an ounce and the Australian dollar is buying 98.75 US cents.
