The Australian share market is 0.5 per cent higher at noon, lifting after Wall Street was boosted by a favourable report on the US labour market. Local gains have been fuelled by the miners offsetting falls in the financial sector.
The S&P/ASX 200 index is 25 points up at 4,477. On the futures market the SPI is 21 points higher.
The Australian Industry Group has reported a fall in construction activity for September in its performance of construction index. The index fell from 32.2 in August to 30.9 in September, the industry’s 28thstraight month of contraction. Apartment and house building were the weakest performers, whereas new orders managed a 1 point rise.
Cape Lambert Resources Limited (ASX:CFE) has completed a scoping study for its wholly owned Marampa iron ore project in Sierra Leone, West Africa. Executive Chairman Tone Sage says the company continues talks with a number of parties in regards to the sale of the flagship project. Mr Sage also concedes that the iron price isn’t a buoyant as last year, however remains confident of a recovery in the current financial year. Shares in Cape Lambert Resources are trading up 1.64 per cent at $0.31.
Tiger Resources Limited (ASX:TGS) has announced high grade results from a diamond drilling program at its Kipoi Copper project in the Democratic Republic of Congo. The explorer says the program has confirmed its understanding of the Kipoi project, and is currently undertaking a feasibility study to evaluate the viability of constructing an onsite processing plant. Shares in Tiger Resources are trading up1.41 per cent at $0.36.
Best and worst performers
The best performing sector is materials gaining 135 points to 10,101. Shares in Discovery Metals Limited (ASX:DML) have risen 11.34 per cent and trading at $1.62. Shares in Beadell Resources Limited (ASX:BDR) and BlueScope Steel Limited (ASX:BSL)are also stronger.
The worst performing sector is financials excluding real estate investment trusts, falling 2 points to 5,303. After flagging a full year loss shares in Bank of Queensland Limited (ASX:BOQ) have fallen 5.4 per cent, trading at $7.53. Shares in Insurance Australia Group Limited (ASX:IAG) and National Australia Bank Limited (ASX:NAB) are also lower at midday.
Gold and the dollar
Gold is trading at $US1,796 an ounce and the Australian dollar is buying $US1.026.