Midday: ASX rebounds from red to rise 0.5%

Market Reports

Defying negative leads and eurozone banking concerns the Australian share market is trading 0.5 per cent higher at noon. Stocks dropped at open but rebounded before noon to head into positive territory on the back of strength across the board. While the big miners are trading mixed the gold sub index has jumped 1.8 per cent after the price of gold rose to near four-month highs.   
 
Figures
 
The S&P/ASX 200 index has advanced 27 points to 5,492. On the futures market the SPI is 27 points higher. 
 
Company news 
 
A new study commissioned by the Australian Centre for Financial Studies has highlighted the amount of policy concessions domestic banks get from the Federal Government. The paper’s author, Melbourne Business School’s Dr Sam Wylie, says policymakers should be very careful not to continually make more and more policy concessions to Australia’s largest banks. Mr Whylie warns unreciprocated support will damage the development of other capital channels. Shares in Australia’s Big Four Banks are trading higher at noon with Commonwealth Bank of Australia (ASX:CBA) rising 0.41 per cent to $81.18. 
 
Shares in Nuenergy Gas Limited (ASX:NGY) have soared more than 90 per cent after securing a binding investment agreement with a strategic Asian investor. The oil and gas explorer is focussed on unconventional gas production in Indonesia and Eastern Africa and has received the backing from New Century Energy Resources. The investment will fund the development of the Indonesian production sharing contracts program through the recapitalisation of NuEnergy. Shares in Nuenergy Gas have soared 92.31 per cent to $0.03 in morning trade. 
  
Best and worst performers
 
The best performing sector is consumer staples, gaining 0.8 per cent to 10,010. Shares in Wesfarmers (ASX:WES) have risen 1.1 per cent and trading at $43.90. Shares in Woolworths (ASX:WOW) and Tassal Group Limited (ASX:TGR) are also stronger. 
 
The worst performing sector is utilities, easing 0.04 per cent to 6,009. Shares in APA Group (ASX:APA) have fallen 0.85 per cent, trading at $7.02. Shares in DUET Group (ASX:DUE) are steady while shares in SP AusNet (ASX:SPN) are slightly higher. 
 
IPOs 
 
Elanor Investors Group (ASX:ENN) started trading today. The investment and funds management business floated with an issue price of $1.25, opened at $1.25 and is currently trading at $1.27.    
 
Gold and the dollar
 
Gold is trading at $US1,338 an ounce.
The Australian dollar is buying $US0.9387.