The Australian share market remained slightly higher at noon as the heavyweight mining and gold stocks rebounded from falls on Monday.
All Ordinaries had lost 13 points, or 0.29 per cent, to 4,681.
Analyst said "They got sold off here yesterday in light volume in anticipation that they may suffer some added weakness overnight, but that seems to have steadied and, as that steadied, we see a rebound back in those prices. So, to some degree, that's where we've seen the market up. There's not much in the way of significant news out there at the moment."
NAB’s monthly business survey showed its measure of business confidence rose 3 points to 19 in November, this highest since May 2002 according to Reuters. The survey’s measure of business conditions fell 2 points to 10.
And according to the ABS Australia recorded an account deficit of $16.18 billion in the third quarter.
Port and rail company Asciano Group (AIO) says it has signed its fifth Queensland coal haulage customer Isaac Plains Coal Management, a joint venture between Aquila Resources and Vale.
The contract is for 10 years starting July 2010 and provides Isaac Plains Coal with rail haulage of up to 1.1 million tonnes per annum from Isaac Plains mine in the Goonyella system to the Dalrymple Bay Coal Terminal. In November Asciano commissioned the 6th of its 10 train sets scheduled to commence operations in the Goonyella and Blackwater systems. Asciano Group has posted profits in the last two years.
The best performing sector at midday is the Real Estate Investment Trust index which is up 7 points to 850. The worst performing sector at midday is the Health Care index, down 52 points to 8,396.
Gold is trading at US$1,168.80 an ounce and the Aussie dollar is trading at 91.61 US cents.
PPX:Bought at open and sold .57 KRL: Bought at .175(Under 20c is good buy) AQP:Bought at $6.22
