The Australian share market is 0.4 per cent higher at noon, led up by the utilities and resources sectors and following positive offshore leads overnight.
The S&P/ASX 200 index is 19 points up at 4,577. On the futures market the SPI is 18 points higher.
Economic news
National Australia Bank Limited
(ASX:NAB) has reported business confidence has dropped in November which it claims is due to a soft labour market and a high Aussie dollar. The latest monthly business survey fell to -9 compared to a -1 reading in October.
Company news Transfield Services Limited
(ASX:TSE) has announced several new contracts worth $140 million, including work on two major energy projects. The global operations and construction services business will provide maintenance at Woodside Petroleum Limited's
(ASX:WPL) offshore oil and gas facilities in Western Australia for three years, under the terms of a contract worth $45 million. The company has also won the right to build several wells as part of the Queensland Curtis liquefied natural gas project. Shares in Transfield Services are trading up 0.87 per cent at $1.74.
Rio Tinto Limited
(ASX:RIO) has reportedly signed a deal with telecommunication provider Alcatel-Lucent in order to provide its Pilbara based West Angelas mine with fourth-generation mobile broadband technology. According to Fairfax Media, the deal will see the French company break into Australia’s mining sector and provide advanced communications and mining technology to replace a mix of satellite and standard radio networks. Media reports suggest the deal is set to cost Rio between $2 and $3 million. Shares in Rio are trading up 1.47 per cent at $62.20.
Best and worst performers The best performing sector is utilities gaining 70 points to 5,143. Shares in Energy World Corporation Limited
(ASX:EWC) have risen 7.46 per cent and trading at $0.36. Shares in APA Group and SP AusNet are also stronger.
The worst performing sector is telco services, falling 6 points to 1,487. Shares in Telstra Corporation Limited
(ASX:TLS) have fallen 0.57 per cent, trading at $4.34. Shares in SingTel are steady whilst M2 Telecommunications Group are slightly higher.
Gold and the dollar
Gold is trading at $US1,712 an ounce and the Australian dollar is buying $US1.048.
