Overnight rallies in the US and Europe pushed local stocks higher this morning. The Australian share market is 0.1 per cent up at noon, boosted by mining stocks.
The S&P/ASX 200 index is 1 point up at 4,459. On the futures market the SPI is 10 points higher.
Economic news
The Australian Bureau of Statistics has reported the producer price index rose 0.6 per cent in the September quarter with a 1.1 per cent annual gain. Economists had forecast a rise of 1 per cent.
Company news In its latest quarterly update, Westfield Group
(ASX:WDC) affirmed its full year guidance today, with $1.5 billion worth of new developments in the pipeline. The shopping centre giant showed 1.2 per cent growth in comparable specialty retail sales in the 12 months to 30 September. Westfield’s chief says Australia’s retail conditions remain subdued. Victoria, Queensland and Western Australia posted the strongest sales growth. Westfield forecasts a 79.5 cent per share dividend this year. Shares in Westfield Group are trading up 0.28 per cent at $10.62.
BlueScope Steel Limited
(ASX:BSL) says it will raise about $290 million to help pay off debt and diversify its funding sources. The steel maker says the notes would be offered through two subsidiaries to Institutional investors in the United States and certain overseas areas. The company posted a full year net loss of $1.04 billion due to impairment charges, restructuring costs and the high Australian dollar. Shares in BlueScope Steel are trading up 2.66 per cent at $0.48.
Best and worst performers The best performing sector is materials gaining 112 points to 10,157. Shares in PanAust Limited
(ASX:PNA) have risen 2.75 per cent and trading at $3.36 Shares BlueScope Steel in and Iluka Resources are also stronger.
The worst performing sector is telco services, falling 4 points to 1,397. Shares in M2 Telecommunications Group Limited
(ASX:MTU) have fallen 2.97 per cent, trading at $3.59. Shares in TPG Telecom and Telstra are also lower.
Gold and the dollar
Gold is trading at $US1,716 an ounce and the Australian dollar is buying $US1.04.
