The local share market is higher at midday, lifted by gains in global miners like BHP and Rio Tinto following a rally in commodity prices, copper reaching its highest point in over a year. Trading remained light however due to a holiday shortened week.
All Ordinaries index had gained 8 points, or 0.17 per cent, at 4,915 points.
Analyst said "Resources are the star performers pushing us into positive territory. Financials are somewhat on the back foot and industrials are a bit mixed."
National Australia Bank Ltd (NAB) has placed its shares in a trading halt ahead of an announcement regarding its proposed acquisition of the Australian and New Zealand businesses of AXA Asia Pacific Holdings (AXA). AXA Asia Pacifics shares have also been placed in a halt. The Australian Competition and Consumer Commission is to announce its decision regarding competition issues relating to the bid on Thursday. NAB has requested that the halt remain in place until the start of trade on Wednesday or an earlier time agreed to by the ASX. NAB shares last traded at $27.70.
Iron ore miner Gindalbie Metals Ltd (GBG) says it has finalised a long-term offtake contract with joint venture partner, Ansteel, covering the life-of-mine production from the Karara Iron Ore Project in Western Australia. Gindalbie says the agreement between the joint venture company Karara Mining Ltd and Angang Group International Trade Corporation, valued at more than US$65 billion over the life of the project, marks another key milestone for the Karara project. The company says stage one production, based on a rate of 8 million tonnes per annum, is scheduled to be commissioned in late 2011, however has the potential to produce over 30 million tonnes per annum for a life of 30 years. Gindalbie Metals posted profit of $26.22 million in the 12 months to June 30, 2009.
The best performing sector at midday is the Materials index, up 120 points at 12,885.
The worst performing sector is the Consumer Discretionary index, down 5 points to 1,659.
Gold is trading at US$1,108.90 an ounce and the Aussie dollar is trading at 91.72 US cents.
APG: .045/.057c DRM: .039c/.044c(VWAP is 47c) After a major announcement out 9 out of 10 times the stock will retrace below your buy in price. Remember to take a profit and not a loss. You will never pick the high or the low but a profit is a far greater feeling of joy than watching your losses mount.
