The Australian share market is extending its gains after strong leads from Wall Street and is 0.4 per cent higher at noon. Yesterday’s Chinese export data has given local stocks a boost, with today’s session on track to reach a 2013 high. Most major sectors are up at midday, while the dollar has also rallied to its highest point since July.
The S&P/ASX 200 index is 19 points up at 5,201. On the futures market the SPI is 12 points higher.
Company news
CuDeco Limited
(ASX:CDU) directors have approved a major new study to investigate further upgrade options for the Rocklands Group Copper Project in Queensland.The miner says changes to the current 10 year mine plan will only be incorporated if they result in improvements to the project economics at Rocklands. Shares in Cudeco are trading up 3.33 per cent at $1.78.
Blackthorn Resources Limited
(ASX:BTR) says a Prefeasibility Study of its Kitumba Copper Project in Zambia demonstrates positive potential for an economically and technically viable project. Blackthorn says the timing of the PFS has been critical in preparing a mining licence application to the Zambian Government, and the positive results justify further work being undertaken. Shares in Blackthorn are trading down 20 per cent at $0.36.
Best and worst performers The best performing sector is Materials gaining 58 points to 9,817. Shares in Discovery Metals Limited
(ASX:DML) have risen 4.17 per cent and trading at $0.13. Shares in CuDeco Limited
(ASX:CDU) and Adelaide Brighton Limited
(ASX:ABC) are also stronger.
The worst performing sector is Energy, falling 49 points to 14,068. Shares in Linc Energy Limited
(ASX:LNC) have fallen 1.73 per cent, trading at $1.56. Shares in Senex Energy Limited
(ASX:SXY) andCaltex Australia Limited
(ASX:CTX) are also lower.
Gold and the dollar
Gold is trading at $US1,385 an ounce and the Australian dollar is buying 92.46 US cents.
