The Australian share market is trading moderately higher, after opening on a high point this morning, the highest since May 2011, following positive US leads. The consumer discretionary sector is leading the gains at noon.
The S&P/ASX 200 index is 3 points up at 4,727. On the futures market the SPI is 6 points lower.
Company news
Shares in Atlas Iron Limited
(ASX:AGO) have lifted today after the Perth based iron ore miner advised the market it was on track to deliver its near term production target of 12 million tonnes per annum. Material progress has been made at its Adydos Mine and Utah Point port project which are geared towards Atlas’ growth plans. The company says works on Utah Point port facilities in Port Hedland are underway, aimed at expanding the company’s export capacity. Atlas advised the market on Friday that it had commenced production at Mt Dove, its third Pilbara iron ore mine. Shares in Atlas Iron are trading up 2.21 per cent at $1.85.
Oil explorer Jupiter Energy Limited
(ASX:JPR) says it has entered into an unsecured loan agreement. The Kazakhstan focused company says the loan, valued at $US3 million, will be used to fund the drilling of the J-59 well which spudded last month. Jupiter received trial production licences for the J-51 and J-53 wells from t Kazakhstan regulatory authorities last week, allowing for trial production for a maximum of three years. Shares in Jupiter are trading steady at $0.67.
Best and worst performers The best performing sector is consumer discretionary gaining 5 points to 1,383. Shares in Ardent Leisure Group
(ASX:AAD) have risen 1.36 per cent and trading at $1.50. Shares in Billabong International and Aristocrat Leisure are also stronger.
The worst performing sector is materials, falling 47 points to 10,831. Shares in Beadell Resources Limited
(ASX:BDR) have fallen 4.15 per cent, trading at $0.93. Shares in Resolute Mining Limited
(ASX:RSG) and Northern Star Resources are also lower.
Gold and the dollar
Gold is trading at $US1,657an ounce and the Australian dollar is buying $US1.048.
