Despite weak leads the Australian share market has lifted 0.4 per cent on the back of US earnings optimism. While global stocks dropped overnight ahead of the US earnings season local investors have been supported by Alcoa Inc’s (NYSE:AA, ASX:AAI) solid result after the closing bell. All major local sectors trading higher.
The S&P/ASX 200 index has risen 17 points and is sitting at 4,707. On the futures market the SPI is 13 points higher.
Economic news
The Housing Industry Association has reported new home sales rose for the second straight month in November 2012. HIA says new home sales lifted 4.7 per cent in November on the back of a 7.7 per cent gain in sales of detached houses.
Company news GPT Group
(ASX:GPT) has sold two Homemaker Centres in Brisbane for $91.7 million to private investors. The property trust says the sales are in line with its strategy to focus on owning and managing high quality shopping centres, office assets and logistics and business parks. GPT has also advised it continues to look at strategic investment opportunities. Shares in GPT Group have lifted 1.13 per cent and are trading at $3.57.
St. Barbara Limited
(ASX:SBM) has inked a deal to sell its Southern Cross Operations for $22.5 million. Subject to approvals the gold mining company expects to complete the sale by late February or early March 2013. St. Barbara says the Southern Cross Operations stopped mining and processing operations in 2012 and have been placed onto care and maintenance. Shares in St. Barbara have risen 1.41 per cent and are trading at $1.44.
Best and worst performers All major local sectors are trading higher: The best performing sector is real estate investment trusts gaining 11 points to 972. Shares in Mirvac Group
(ASX:MGR) have risen 2.72 per cent and trading at $1.51. Shares in Goodman Group
(ASX:GMG) and Stockland
(ASX:SGP) are also stronger.
The sector with the smallest gains is energy, adding 24 points to 12,726. Shares in Maverick Drilling and Exploration Limited
(ASX:MAD) have fallen 3.18 per cent, trading at $0.76. Shares in Coalspur Mines Limited
(ASX:CPL) and Paladin Energy Limited
(ASX:PDN) are also lower.
Gold and the dollar
Gold is trading at $US1,659 an ounce.
The Australian dollar is buying $US1.051.
