Despite weak offshore leads, the Australian share market is trading 0.2 per cent up, as the iron ore price continues to firm and boosted by the telco sector.
The S&P/ASX 200 index is 8 points up at 4,725. On the futures market the SPI is 8 points higher.
Economic news
Australia’s construction sector has contracted in December for the 31st straight month. The Australian Industry Group and Housing Industry Association’s Performance of Construction Index rose 1.8 points last month to 38.8, but again remains below the 50 level which indicates contraction.
Company news
Perth based Biofuels company Algae. Tec Limited
(ASX:AEB) is reportedly planning to sell about $190 million of bonds in Europe to fund its expansion plans in the US and Brazil. According to Fairfax Media the bonds offering will commence next month and will be completed by mid this year. Shares in Algae Tec are trading steady at $0.28.
HeartWare International, Inc.
(ASX:HIN) says it expects total revenues for the fourth quarter of 2012 to be about $32 million bringing it in line with its full year projections of about $110 million. The global medical device company says 40 per cent of its fourth quarter results were derived from domestic sales its flagship heart device, that has now been commercially launched. HeartWare maintains a positive outlook for revenue growth and will deliver complete fourth quarter and full year figures at the end of next month. Shares in HeartWare International are trading up 0.83 per cent at $2.42.
Best and worst performers The best performing sector is telco services gaining 15 points to 1,537. Shares in TPG Telecom Limited
(ASX:TPM) have risen 1.36 per cent and trading at $2.60. Shares in Telstra Corporation and Telecom Corporation of New Zealand are also stronger.
The worst performing sector is financials excluding REIT’s, falling 3 points to 5,530. Shares in Commonwealth Bank of Australia
(ASX:CBA) have fallen 1.02 per cent, trading at $61.96. Shares in QBE Insurance Group and NAB are also lower.
Gold and the dollar
Gold is trading at $US1,652 an ounce and the Australian dollar is buying $US1.05.
