Despite mixed leads from Wall Street as the US awaits delayed economic data, the Australian share market opened just under a quarter of a per cent higher and is 0.3 per cent up at noon. David Jones shares have slipped 1.93 per cent as investors digest the shock of CEO Paul Zahra’s decision to depart the retailer, but it is BHP which is helping drive the market higher, after the mining giant delivered a robust quarterly production report.
The S&P/ASX 200 index is 14 points up at 5,366. On the futures market the SPI is 21 points higher.
Company news
BHP Billiton Limited
(ASX:BHP) shares are pushing up in early trade after the global miner announced a 23 per cent surge in its September iron ore output of 48.8 million tonnes. Analysts believe the earlier than expected start up of its Jimblebar mine in the Pilbara greatly aided output in the quarter, helping to lift sales from BHP’s West Australian operations to 53.5 million tonnes. Shares in BHP are trading up 2.21 per cent at $37.00.
Transfield Services Limited
(ASX:TSE) has sold its 50 per cent share in the Transfield Worley New Zealand JV to existing partner worleyparsons Limited
(ASX:WOR) for $30 million. Transfield says revenue from its share of the joint venture, which was its only exposure to the New Zealand hydrocarbons sector, represents less than 2 per cent of its total group revenue. Shares in Transfield are trading up 0.37 per cent at $1.35.
Best and worst performers The best performing sector is Materials gaining 133 points to 9,979. Shares in Alacer Gold Corp - CDI
(ASX:AQG) have risen 3.15 per cent and trading at $2.95. Shares in Fortescue Metals Group Limited
(ASX:FMG) and PanAust Limited
(ASX:PNA) are also stronger.
The worst performing sector is Energy, falling 55 points to 13,965. Shares in Linc Energy Limited
(ASX:LNC) have fallen 4.31 per cent, trading at $1.67. Shares in AWE Limited
(ASX:AWE) and Horizon Oil Limited
(ASX:HZN) also lower.
Gold and the dollar
Gold is trading at $US1,315 an ounce and the Australian dollar is buying $US0.9654.
