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Following largely positive leads the Australian share market opened up and is 0.9 per cent higher at noon. News of solid growth in the US has buoyed the market while the big miners booked gains despite the iron ore price hitting a new five year low.
A combination of growth in the US and flagging optimism on China has seen the Aussie dollar sliding lower to sink below the $US0.86 mark.
The S&P/ASX 200 index is 50 points up at 5,385. On the futures market the SPI is 43 points higher.
Company news
Santos Limited (ASX:STO) has forecast first LNG to begin flowing from the Gladstone LNG project in the second half of next year. The oil and gas explorer says the project is 90 per cent complete and development is within its $US18.5 million budget. The company made the announcement as part of an investor seminar where it also narrowed its 2014 production guidance to between 53 and 55 million barrels of oil equivalent. Shares in Santos are trading up 0.93 per cent at $11.94.
Shares in GWA Group Limited (ASX:GWA) lifted today on news it will sell its Dux Hot Water business to the Noritz Corporation for $46 million. The company had previously identified Dux Hot Water as a non core asset and the sale comes after an extensive sale process. Shares in GWA are trading up 3.7 per cent at $2.80
Best and worst performers
All major sectors are up today. The best performing sector is real estate investment trusts, gaining 1.2 per cent to 1,143. Shares in Stockland Corporation Limited (ASX:SGP) have risen 2.07 per cent and trading at $4.19. Shares in Scentre Group Limited (ASX:SCG) and DEXUS Property Group (ASX:DXS) are also stronger.
The sector with the least gains is consumer staples, gaining 0.4 per cent to 9,368. Shares in Woolworths Limited (ASX:WOW) have fallen 0.54 per cent, trading at $31.08. Shares in Metcash Limited (ASX:MTS) are lower and Goodman Fielder Limited (ASX:GFF) is flat.
Gold and the dollar
Gold is trading at $US1,199 an ounce.
The Australian dollar is buying $US0.8548
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