Stronger at midday: Aus shares track 0.33% higher at noon

Market Reports

by Clive Tompkins

Despite a softer close on Wall Street, the Australian share market opened higher with telcos and financials leading the way.

The S&P/ASX 200 index is up 18 points at 5,486. On the futures market the SPI is 21 points higher.

Company news

Crowd Mobile Limited (ASX:CM8) has signed a two year strategic partnership agreement with Viacom International Media Networks for the development of new mobile phone apps. The joint development will focus on integrating Viacom brands and celebrities into the new apps. The company says app development is already underway and they will be revealed over the next few weeks. Shares in Crowd Mobile are trading up 6.67 per cent at $0.16.

Rural Funds Management Limited (ASX:RFF) has contracted to acquire a 9,549 megalitre high security Murrumbidgee River water entitlement for around $34 million. The company says the water entitlement will provide a cornerstone resource for future horticultural developments. In the interim RFF will generate revenue from the sale of annual water allocations. Shares in Rural Funds are trading up 0.31 per cent at $1.61.

Best and worst performers

The best performing sector is Telcos, gaining 1.23 per cent to 1,815. Shares in Vocus Communication have risen 1.78 per cent and trading at $5.71. Shares in Telstra and Spark NZ are also stronger.

The worst performing sector is Energy, falling 1.2 per cent to 8,699. Shares in Worley Parsons have fallen 1.94 per cent, trading at $8.60. Shares in Oil Search and Beach Energy are also lower.

Gold and the dollar

Gold is trading at $US1,261 an ounce.
The Australian dollar is buying $US0.7598