Despite mixed offshore leads the Australian share market edged higher at open and is 0.1 per cent higher at noon, retreating from an early spike as major resources stocks post mixed trade.
The S&P/ASX 200 index is 7 points up at 4,967. On the futures market the SPI is 7 points higher.
Company news
AGL Energy Limited
(ASX:AGK) has received federal government approval for stage one of its Gloucester coal seam gas project in New South Wales. The approval is conditional on 36 environmental protection requirements and comes after the gas and energy company last week suspended coal seam gas expansion plans in South West Sydney. Shares in AGL Energy are trading up 0.66 per cent at $15.35.
Industrial equipment manufacturer Bradken Limited
(ASX:BKN) has boosted its first half net profit by 9 per cent to $46.7 million and is confident of conditions improving in the second half. The company, which is heavily exposed to downturns in resources markets, says its order books have stabilised and there is evidence to suggest it has reached the bottom of the current cycle. Shares in Bradken are trading up 9.02 per cent at $6.65, today’s best performing stock so far.
Best and worst performers The best performing sector is Industrials gaining 40 points to 3,812. Shares in Bradken Limited
(ASX:BKN) have risen 9.02 per cent and trading at $6.65. Shares in Boart Longyear Limited
(ASX:BLY) and NRW Holdings Limited
(ASX:NWH) are also stronger.
The worst performing sector is Materials, falling 28 points to 10,912. Shares in Alacer Gold
(ASX:AQG) have fallen 7.63 per cent, trading at $4.24. Shares in Evolution Mining Limited
(ASX:EVN) and Silver Lake Resources Limited
(ASX:SLR) are also lower.
Gold and the dollar
Gold is trading at $US1,647 an ounce and the Australian dollar is buying $US1.025.
