Midday: ASX winning on cup day

Market Reports

Local shares started Melbourne Cup day strongly, jumping out of the barriers 0.5 per cent at open and posting broad based gains to be 0.7 per cent up at noon, ahead of the RBA’s rate call this afternoon. Energy stocks are leading the pack at this stage, with all major sectors currently trading higher. 
 
The S&P/ASX 200 index is 38 points up at 5,428. On the futures market the SPI is 32 points higher. 
 
Economic news

The Australian Industry Group Performance of Services Index (PSI) rose 0.8 points to 47.9 in October, its highest level since March. Despite the rise, the index remains in the sub-50 contraction zone, as weak consumer demand dampening progress ahead of the Christmas period. 
 
Company news 
 
Ausdrill Limited (ASX:ASL) has entered a trading halt as it reviews its current operating performance and weaker than expected market conditions. The company will remain in the halt until Thursday as it prepares an update to its fiscal 2014 outlook. Shares in Ausdrill last traded at $1.38. 
 
Ramelius Resources Limited (ASX:RMS) has entered into a $16 million gold pre-pay finance facility with Deutsche Bank Australia through its wholly owned subsidiary Mt Magnet Gold. Ramelius says the facility, which remains subject to conditions, will allow it to fast track the acquisition and potential pre-mining work at the Vivien gold project in Western Australia. Shares in Ramelius are trading flat at $0.13. 
  
Best and worst performers

All major sectors are higher. The best performing sector is Energy gaining 141 points to 14,099. Shares in Whitehaven Coal Limited (ASX:WHC)  have risen 2.75 per cent and trading at $1.59. Shares in Beach Energy Limited (ASX:BPT) and AWE Limited (ASX:AWE) are also stronger. 
 
The sector with the fewest losses is Telco services, adding 3 points to 1,780. Shares in Telecom Corp of New Zealand (Australia) (ASX:TEL) have 0.49 per cent, they’ve come in to $2.04. Shares in Singapore Telecommunications Limited (CHESS)(ASX:SGT) are flat, while Telstra Corporation Limited (ASX:TLS) are slightloy higher.
 
Gold and the dollar

Gold is trading at $US1,316 an ounce and the Australian dollar is buying $US0.9519.

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?