News: Midday: Aus shares widening weekly gain

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The Australian share market spiked 0.6 per cent in morning trade and is continuing to widen the weekly gain. Across the board most sectors are trading higher led by real estate, industrial and tech sectors jumping more than 1 per cent. 

 

The Big Four Banks are trading higher after ANZ Banking Group (ASX:ANZ) reported a record annual cash profit of $7.1 billion. Australia’s biggest listed investment bank Macquarie Group Limited (ASX:MQG) has also gained after posting a bumper interim result.

 

On the flip side gold mining stocks are suffering after the price of the precious metal sank about $US26 to below $US1,200 in overnight trade. 

 

Figures

 

The S&P/ASX 200 index has risen 32 points to 5,508. On the futures market the SPI is 32 points higher. 

 

Market movers

 

Shares in Liquefied Natural Gas Limited (ASX:LNG) have jumped after extending a lease, inking a memorandum of intent (MOI) and confirming talks with potential buyers of LNG for supply to the Asian market. The liquefied natural gas developer’s Fisherman’s Landing LNG Project site has had its agreement for lease extended until the end of March 2016, with an option for another year. Liquefied Natural Gas has also signed a non-binding MOI for gas supply with Tri-Star Petroleum Company, who hold gas tenures in Queensland which could potentially supply gas to Fisherman’s Landing. The developments come in the same week the company advised its flagship Magnolia LNG Project in the US is progressing the regulatory environmental approvals process. Shares in Liquefied Natural Gas have jumped 5.93 per cent to $3.75 at noon. 

 

Shares in Newcrest Mining Limited (ASX:NCM) have dropped to the benchmark’s worst performer as Australia’s largest listed gold miner holds its annual general meeting. Chairman Peter Hay described the 2014 financial year as one of both change and progress following a disappointing fiscal 2013. Newcrest Mining booked a $2.2 billion loss in fiscal 2014 but Mr Hay said change occurred over the year through board and senior management renewal. New Managing Director and CEO Sandeep Biswas forecast gold prices will continue to be volatile in the short term but said Newcrest is well positioned. Shares in Newcrest Mining have fallen 4 per cent to $9.37 at noon. 

 

Best and worst performers

 

Most sectors have moved higher: The best performing sector is real estate investment trusts, gaining 1.4 per cent to 1,153. Shares in Scentre Group Limited (ASX:SCG) have risen 2.58 per cent and trading at $3.58. Shares in Mirvac Group (ASX:MGR) and Stockland Limited (ASX:SGP) are also stronger. 

 

The only sector in the red is consumer staples, falling 0.2 per cent to 10,013. Shares in Treasury Wine Estates Limited (ASX:TWE) have eased 0.64 per cent, trading at $4.63. Shares in Goodman Fielder Limited (ASX:GFF) and Woolworths Limited (ASX:WOW) are also lower. 

 

Gold and the dollar

 

Gold is trading at $US1,201 an ounce. 

The Australian dollar is buying $US0.8823.