Midday: Aus shares inch higher

Market Reports

The Australian share market is up just 0.22% at midday, dragged by losses in the industrials sector.
 
The S&P/ASX 200 index is 11 points up at 4,902. On the futures market the SPI is 6 points higher. 
 
Economic news
 
Australia’s building sector activity fell sharply in March, hurt by project delays, fewer projects and tight credit conditions.
 
The Australian Industry Group-Housing Industry Association performance of construction index (PCI) tumbled 6.6 points to 39 points in March.
 
Company news
 
Wesfarmers Limited (ASX:WES) has appointed a new managing director of Target after the resignation of Dene Rogers.Stuart Machin will take the reigns after five years in senior management at Coles. Shares in Wesfarmers (ASX:WES) are trading slightly higher, up 0.48 per cent to $40.05
 
Toll Holdings Limited (ASX:TOL) will partner with TZ Limited to trial a parcel locker system. The parcel logistics service provider has entered into an agreement with TZ Limited to trial a locker system for online retail parcel deliveries. Shares in Toll Holdings (ASX:TOL) are trading down 0.52% at $5.69.
  
Best and worst performers

The best performing sector is Materials gaining 66 points to 9,364. Shares in Silver Lake Resources Limited.(ASX:SLR) have risen 5.81 per cent and trading at $1.82. Shares in Western Areas Limited (ASX:WSA) and Evolution FPO(ASX:EVN)are also higher. 
 
The worst performing sector is Industrials falling 15 points to 3,773. Shares in Decmil Group Limited(ASX:DCG) have fallen 1.94 per cent, trading at $2.27. Shares in Virgin Australia Holdings Limited (ASX:VAH) and Boart Longyear Limited (ASX:BLY)are also lower. 
 
 
Gold and the dollar

Gold is trading at $US1,576 an ounce and the Australian dollar is buying $US1.037.