Australian shares soared at the open after the US central bank announced its latest stimulus measures to support its economy. The ASX is 1.1 per cent higher at noon, led by the mining sector.
The S&P/ASX 200 index is 50 points up at 4,389. On the futures market the SPI is 41 points higher.
Company news
Shares in Fortescue Metals Group Limited
(ASX:FMG) were placed in a trading halt today until Tuesday next week pending an announcement on the restructure of its bank facilities. The iron ore miner lost investor confidence yesterday with its shares plunging almost 14 per cent, amid reports that it was seeking debt relief from lenders. Shares in Fortescue last traded at $2.99.
Crown Limited
(ASX:CWN) has successfully raised $532 million via a subordinated notes offer. The notes are expected to commence trading on the ASX on a deferred settlement basis on Monday at noon. The casino operator recently announced it is planning to raise funds to support its growth plans and premium commercial developments. Shares in Crown are trading up 1.66 per cent at $9.18.
Best and worst performers The best performing sector is materials gaining 246 points to 9,937. Shares in Gryphon Minerals Limited
(ASX:GRY) have risen 12.24 per cent and trading at $0.83. Shares in Atlas Iron and PanAust are also stronger.
The worst performing sector is telco services, falling 8 points to 1,313. Shares in Telstra Corporation Limited
(ASX:TLS) have fallen 0.78 per cent, trading at $3.82. Shares in Telecom Corp of New Zealand are flat while M2 Telecommunications Group are stronger.
Gold and the dollar
Gold is trading at $US1,776 an ounce and the Australian dollar is buying $US1.057.
