The Australian share market opened flat this morning and has ascended throughout the morning to be 0.4 per cent higher at midday following gains on Wall Street amid optimism a resolution will be reached on the fiscal cliff negotiations.
The S&P/ASX 200 index is 18 points higher at 4,465. On the futures market the SPI is 27 points up.
Economic news
The Housing Industry Association has released New home sales figures for October, showing a moderate rise in the housing sector in October following three months of dips. New home sales rose by 3.4 per cent in October, bolstered by a 31.4 per cent increase in multi-unit sales.
Company news
Stockland
(ASX:SGP) has appointed former UBS fund manager Mark Steinert as its new CEO, to replace departing chief Matthew Quinn in January. Chairman Graham Bradley says Mr Steinert has a track record of successfully managing large business operations, an extensive background in the property sector and a strong reputation among property investors. Shares in Stockland are trading up 0.74 per cent at $3.41.
Ten Network Holdings Limited
(ASX:TEN) is reportedly going to be granted an extension to its commercial television license fee rebate by the federal government. According to Fairfax reports, the move is being considered by Communications minister Stephen Conroy, and would go a long way to easing the financial pressures being experienced by the network. Ten’s license fee for the previous financial year was worth approximately $35 million. Shares in Ten are trading up 5.3 per cent at $0.35.
Best and worst performers The best performing sector is Consumer Staples gaining 63 points to 8,770. Shares in Goodman Fielder Limited
(ASX:GFF) have risen 5.86 per cent and trading at $0.68. Shares in Wesfarmers Limited
(ASX:WES) and Woolworths Limited
(ASX:WOW) are also trading stronger so far today.
The worst performing sector is Telco Services, falling 3 points to 1,476. Shares in TPG Telecom Limited
(ASX:TPM) have fallen 0.86 per cent, trading at $2.31. Shares in Telstra Corporation Limited
(ASX:TLS) are lower while Singtel Limited
(ASX:SGT) shares are slightly higher at midday.
Gold and the dollar
Gold is trading at $US1,721 an ounce and the Australian dollar is buying $US1.046.
