Following mixed leads and a flat morning session the Australian share market is gaining momentum thanks to strength in the mining sector.
The S&P/ASX 200 index is up 12 points at 5,016. On the futures market the SPI is 17 points higher.
Commentary
FNN spoke with Patrick Cocquerel, the Global Head of Natural Resources at Westpac Institutional Bank about his forecast for base and precious metal prices, speaking today at the RIU Explorers conference in Fremantle.
Company news
Singapore Telecommunications Limited (ASX:SGT ) owner of Optus, Australia’s second largest telco, says fourth quarter profit dropped more than 7 per cent, in line with declining mobile phone customers. Singtel shares are trading 0.71 per cent weaker at $2.79.
Shares in Alumina Limited
(ASX:AWC) have soared after Chinese owned Citic resources vowed to buy a 13 per cent stake in the local refiner for $452 million. The purchase will take place via a share placement. One Citic executive will join Alumina’s board of directors. Shares in Alumina have surged 12.08 per cent and are trading at $1.34.
Best and worst performers The best performing sector is materials gaining 130 points to 11,152. Shares in Alumina Limited
(ASX:AWC) have risen 12.08 per cent at $1.34 Shares in Fortescue Metals Group Limited
(ASX:FMG) and Atlas Iron Limited
(ASX:AGO)are also stronger.
The worst performing sector is health care, falling 124 points to 12,119. Shares in CSL Limited
(ASX:CSL) have fallen 1.59 per cent, trading at $56.30. Shares in Ansell Limited
(ASX:ANN) and Sonic Healthcare Limited
(ASX:SHL) are also lower.
Gold and dollar
Gold is trading at $US1,643 an ounce.
The Australian dollar is buying $US1.035
