Following a mix of leads, the Australian share market has traded marginally higher and at noon was up 0.1 per cent.
The SPI was pointing to a flat start but the banks have buoyed the local market despite losses by the major miners.
The local currency has seen a minor rally on the back of positive CAPEX figures from the ABS which came in better than expected.
The S&P/ASX 200 index is 10 points up at 5,406. On the futures market the SPI is 5 points higher.
Economic news
The Housing Industry Association has shown a 3 per cent rise in new home sales in October, following a weak result in September. The ABS has released capital expenditure figures for the September quarter reporting a lift of 0.2 per cent for the period which came in ahead of expectations.
Company news
Shares in Woodside Petroleum Limited
(ASX:WPL) have dipped despite its approval of the Persephone Project off the north-west coast of Australia today.
As part of the North West Shelf Project, the $1.2 billion investment is the third major gas development for the project in the past six years. Project start up is expected in early 2018. Shares in Woodside are trading down 1.97 per cent at $38.78
Rio Tinto Limited
(ASX:RIO) has approved the development of a fourth pipe at the remote sub-arctic Diavik diamond mine site.
The mining company says it should cost around $US350 million over four years and diamond production at the site, titled A21, is planned for late 2018. CEO of Rio diamonds and minerals, Alan Davies, says the decision to invest in the project reflects a strong confidence in the diamond sector and an ability to compete effectively in the industry. Shares in Rio are trading down 0.17 per cent at $58.29.
Best and worst performers
The best performing sector is health care, gaining 1.1 per cent to 16,515. Shares in Primary Health Care Limited
(ASX:PRY) have risen 3.18 per cent and trading at $4.71. Shares in Greencross Limited
(ASX:GXL) and Sonic Healthcare Limited
(ASX:SHL) are also stronger.
The worst performing sector is energy, falling 2.3 per cent to 12,846. Shares in Paladin Energy Limited
(ASX:PDN) have fallen 6.49 per cent, trading at $0.36. Shares in Drillsearch Energy Limited
(ASX:DLS) and Worleyparsons Limited
(ASX:WOR) are also lower.
Gold and the dollar
Gold is trading at $US1,199 an ounce.
The Australian dollar is buying $US0.8555
