Boosted by offshore leads the Australian share market has surged more than 1 per cent to break through the 4,400 barrier at noon. Defying debt jitters in Greece and fiscal cliff concerns in the US all local sectors have gained as investors applaud a ceasefire between Israel and Hamas and remain optimistic ahead of manufacturing data expected from China this afternoon.
The S&P/ASX 200 index has soared 53 points and is trading at 4,423. On the futures market the SPI is 54 points stronger.
Company news
Horizon Oil Limited
(ASX:HZN) has flagged potential divestment opportunities for its natural gas assets in Papua New Guinea after better than expected drilling results. Chairman Fraser Ainsworth told shareholders at the oil and gas producers annual general meeting today Horizon has received strong interest in a potential sale from substantive LNG industry players. Reports have speculated a potential divestment of the assets could be work as much as $250 million. Shares in Horizon Oil have climbed more than 95 per cent over this year and today are trading 3.66 per cent higher at $0.42.
AWE Limited
(ASX:AWE) has forecast an increase in annual crude output but a steady revenue result of between $270 million and $300 million in the current financial year. Speaking to shareholders at the oil and gas company’s annual general meeting today Chairman Bruce Phillips described the energy industry and volatile and dynamic. As a result Mr Phillips says AWE will not predict the external factors with total accuracy and so will focus on the delivery of its internal operations. Shares in AWE have firmed 1.87 per cent and are trading at $1.36.
Best and worst performers All are trading higher: The best performing sector is telco services gaining 30 points to 1,463. Shares in Telstra Corporation Limited
(ASX:TLS) have risen 2.15 per cent and trading at $4.28. Shares in Telecom Corporation of New Zealand
(ASX:TEL) and Singapore Telecommunications Limited
(ASX:SGT) are also stronger.
The sector with the smallest losses is utilities, adding 10 points to 4,924. Shares in APA Group
(ASX:APA) have dipped 0.74 per cent, trading at $5.35. Shares in DUET Group
(ASX:DUE) are slightly lower while shares in SP AusNet
(ASX:SPN) are higher at noon.
Gold and the dollar
Gold is trading at $US1,730 an ounce.
The Australian dollar is buying $US1.038.
