Positive offshore leads have buoyed the Australian share market 0.6 per cent higher at noon and above 4,500. Optimism the US will avert the fiscal cliff has given sentiment a boost with the miners leading most sectors higher.
The S&P/ASX 200 index has gained 27 points and is sitting 4,505. On the futures market the SPI is 28 points higher.
Company news Shares in Northern Star Resources Limited
(ASX:NST) have tumbled after revealing the gold producer’s biggest shareholder and members of the board have sold a combined stake in the company. The combined 10 per cent stake has been sold to institutional investors for $1.35 cents per share. Northern Star’s Managing Director Bill Beament has sold about one third of his holding, claiming it was a logical time to reduce his personal tax and debt obligations considering strong demand for the stock among respected institutions and its shareholder's decision to reduce its holding. Shares in Northern Star Resources have tumbled 9.8 per cent and are trading at $1.38.
Sunland Group Limited
(ASX:SDG) says it expects to settle the $68.5 million sale of its Palazzo Versace hotel on the Gold Coast by the end of this year. The property development company inked a deal to sell the hotel to private investors in September as part of its strategy to focus on residential and commercial properties. Sunland is expected to put about $27 million of the purchase price to repay the hotel’s borrowings. Shares in Sunland Group have fallen 1 per cent and are trading at $0.99.
Best and worst performers The best performing sector is materials gaining 107 points to 10,131. Shares in Regis Resources Limited
(ASX:RRL) have risen 4.28 per cent and trading at $5.36. Shares in Rio Tinto Limited
(ASX:RIO) and Alumina Limited
(ASX:AWC) are also stronger.
The worst performing sector is telco services, slipping 5 points to 1,467. Shares in Telecom Corporation of New Zealand
(ASX:TEL) have slipped 0.95 per cent, trading at $1.83. Shares in Telstra Corporation Limited
(ASX:TLS) are lower while shares in Singapore Telecommunications Limited
(ASX:SGT) are trading steady.
Gold and the dollar
Gold is trading at $US1,726 an ounce.
The Australian dollar is buying $US1.042.
