The Australian share market has moved 0.3 per cent higher after a flat start to the day, as investors await the outcome of the US presidential elections and an ECB meeting scheduled tomorrow. The health care sector is leading the gains at midday.
The S&P/ASX 200 index is 13 points up at 4,498. On the futures market the SPI is 12 points higher.
Economic news
Australian construction activity is showing signs of improvement. The Australian Industry Group / Australian Housing Association’s performance of construction index rose to 35.8 in October, up from 30.9 the previous month. The rise still indicates contraction but suggests it is happening at a slower pace.
Company news
Listed property companies including DexusProperty Group
(ASX:DXS) and Westfield Group
(ASX:WDC) have reportedly been accused of inflating notional rents or “face rents” as a way of boosting profits and executive salaries. According to Fairfax Media, advisory firm Ownership Matters claim Dexus Property group’s ‘adjusted profit’ came from lease related payments. A spokesperson for the company says the company followed an American-style funds from operations method for remuneration purposes. Dexus recently avoided a second strike against its remuneration report at its annual meeting this week. Shares in Dexus are trading up 0.75 per cent at $1.00.
Northern Minerals Limited
(ASX:NTU) is preparing to make a capital raising announcement after the rare earths exploration company placed its shares in a trading halt today. The announcement is expected to be made on or before Friday. Media reports suggest Northern Minerals is seeking to raise about $6.6 million. The company has been advancing exploration at its flagship rare earths project, located in Browns Range, Western Australia. Shares in Northern Minerals last traded at $0.23.
Best and worst performers The best performing sector is health care gaining 88 points to 10,685. Shares in Mesoblast limited
(ASX:MSB) have risen 3.08 per cent and trading at $5.69. Shares in Sigma Pharmaceutical and CSL are also stronger.
The worst performing sector is Industrials, falling 17 points to 3,336. Shares in Cabcharge Australia Limited
(ASX:CAB) have fallen 6.14 per cent, trading at $5.20. Shares in ALS and Ausdrill are also lower.
Gold and the dollar
Gold is trading at $US1,708 an ounce and the Australian dollar is buying $US1.042.
