The Australian share market is in positive territory at noon, trading 0.9 per cent higher on the back of gains in the financial sector. Local stocks followed Wall Street higher at open, benefiting also from a rebound in commodity prices.
The S&P/ASX 200 index is 38 points higher at 4,989. On the futures market the SPI is 40 points higher.
Economic news
The Westpac-Melbourne Institute Leading Index rose to 4.2 per cent in February, well above its long-term trend of 2.8 per cent.
According to the index economic growth is on the rebound, owing to a rally in equities and recovery in commodity prices.
Company news
Fertilizer manufacturer Incitec Pivot Limited
(ASX:IPL) will build a new ammonia plant in the United States at a cost of $822 million. The production plant will be constructed along the Mississippi River in Louisiana and funded through debt and internally generated cash flows. Shares in Incitec Pivot are down 1.21 per cent at $2.85.
James Hardie Industries
(ASX:JHX) shares have entered a trading halt ahead of a release detailing possible legal action. The action has been initiated by the New Zealand Ministry of Education against two New Zealand James Hardie subsidiaries. Shares in James Hardie are trading flat at $9.77.
Best and worst performers The best performing sector is Consumer Staples, gaining 152 points to 10,235. Shares in Treasury Wine Estates Limited
(ASX:TWE) have risen 1.82 per cent and trading at $5.87. Shares i n Wesfarmers Limited
(ASX:WES) and Woolworths Limited
(ASX:WOW) are also stronger.
The worst performing sector is Materials, falling 68 points to 9,062. Shares in St. Barbara Limited
(ASX:SBM) have fallen 6.21 per cent, trading at $0.79. Shares in Resolute Mining Limited
(ASX:RSG) and Discovery Metals Limited
(ASX:DML) are also lower.
Gold and the dollar
Gold is trading at $US1,378 an ounce and the Australian dollar is buying $US1.037.
