Despite low trading volumes, local shares have edged up 0.2 per cent at noon boosted by health care stocks and in anticipation of the RBA’s interest rate decision later today.
The S&P/ASX 200 index is 10 points up at 4,484. On the futures market the SPI is 13 points higher.
Economic news
The Australian Bureau of Statistics has reported house price indexes for the September quarter rose 0.3 per cent compared to a 0.6 per cent increase in the June quarter.
Company news Leighton Holdings Limited
(ASX:LEI) has issued $US500 million of bonds in its first US public market offering. The construction company’s chief’s says the notes provide an attractive source of long-term debt capital for the group and diversifies its funding profile. Leighton will use the proceeds from the notes to refinance existing short-term debt facilities. Shares in Leighton are trading up 0.2 per cent at $17.46.
Legal documents have reportedly been lodged against Commonwealth Bank of Australia
(ASX:CBA) for allegedly engaging in misleading and deceptive conduct. According to News Corporation, Gloucester Council in northwest NSW and self managed super fund Clurname claim the bank breached its duty of care in recommending the purchase of complex financial products. The allegations come just a day after Standard & Poors and ABN Amro were found liable for misleading and deceptive conduct in their rating of two structured debt transactions. Shares in CBA are trading up 0.28 per cent at $57.56.
Best and worst performers
The best performing sector is Health care gaining 99 points to 10,629. Shares in Cochlear Limited
(ASX:COH) have risen 2.24 per cent and trading at $73.80. Shares in Resmed and Mesoblast are also stronger.
The worst performing sector is Industrials, falling 10 points to 3,339. Shares in Toll Holdings Limited
(ASX:TOL) have fallen 2.05 per cent, trading at $4.29. Shares in Boart Longyear and Emeco Holdings are also lower.
Gold and the dollar
Gold is trading at $US1,684 an ounce and the Australian dollar is buying $US1.037.
