Midday: Aus shares regain losses

Market Reports

The Australian share market returned to positive territory at open after global markets posted only moderate losses on the back of a Cyprus bailout announcement. Local stocks are 0.6 per cent higher at midday, with gains in the financials sector leading the way. 
 
The S&P/ASX 200 index is 32 points up at 5,048. On the futures market the SPI is 43 points up.  
 
Company news
 
E&A Limited (ASX:EAL) subsidiary E & A Contractors has secured a contract with technology company Siemens for the supply and manufacture of 20 wind towers for the Snowtown II Wind Farm project in South Australia. The contract award was pre-requisited by E & A gaining international procurement accreditation status with the international giant. Shares in E & A are trading up 4.62 per cent at $0.68. 
 
Phoenix Gold Limited (ASX:PXG) says it has made significant intersections from its drill programme at the Red Dam gold project in Western Australia. Managing director Jon Price says the results clearly demonstrate the potential of the discovery, which confirm Phoenix is progressing into a significant new gold business in the goldfields region. Shares in Phoenix Gold are trading up 5.56 per cent at $0.29. 
  
Best and worst performers

The best performing sector is Financials excluding real estate investment trusts gaining 77 points to 6,314. Shares in IOOF Holdings Limited (ASX:IFL) have risen 3.24 per cent and trading at $7.96. Shares in Bank of Queensland Limited (ASX:BOQ) and Bendigo and Adelaide Bank Limited (ASX:BEN) are also stronger. 
 
The worst performing sector is Healthcare, falling 76 points to 12,528. Shares in Sigma Pharmaceutical Limited (ASX:SIP) have fallen 1.42 per cent, trading at $0.70. Shares in Primary Health Care Limited (ASX:PRY) and CSL Limited (ASX:CSL) are also lower. 
 
Gold and the dollar

Gold is trading at $US1,603 an ounce and the Australian dollar is buying $US1.04.