The Australian share market was holding its ground at noon after...

The Australian share market was holding its ground at noon after opening moderately higher, with resources stocks leading the way on higher commodity prices.

All Ordinaries had gained 8.6 points, or 0.19 per cent, to 4536.4.

Some analysts are saying "The resources are driving the strength from the leads that we had overnight. Weakness is coming from the sectors that have simply just had a very good run of late, and that includes financials."

A decline in the number of new home loans written for owner-occupied housing in July reflected the rush to take advantage of the first home owner grant before June 30, economists say.

Australian housing finance commitments for owner-occupied housing fell 2.0 per cent in July, seasonally adjusted, to 63,259, the Australian Bureau of Statistics said on Wednesday.

Numbers of international visitors to Australia have held up in the face of the global downturn and swine flu. The International Visitors in Australia June quarter report, produced by Tourism Research Australia, recorded a one per cent fall compared to the June quarter 2008.

Consumer sentiment has risen to its highest level in more than two years, as confidence grew that Australia would avoid a recession.

The Westpac-Melbourne Institute consumer sentiment index grew by 5.9 index points in September to 119.3 points, an increase of 5.2 per cent. It was the index's highest level since July 2007.

Uranium miner Paladin Energy Ltd (ASX:PDN) says it intends to undertake an institutional private placement of shares for up to 15 per cent of the company’s issued capital. Paladin says the price and terms of the offering will be determined by the company after an overnight marketing effort to be undertaken by RBC Capital Markets and UBS as well as three co-managers.

Paladin Energy posted a US$480 million loss in 2009.

Shares in Western Desert Resources Ltd (WDR)have soared by 22.22 per cent after the iron ore and minerals explorer said it had significantly expanded its iron exploration footprint in the Northern Territory. Recently drilling at Roper Bar identified significant intersections of high-grade hematite, grading up to 67 per cent iron, and first indications of potential direct shipping ore.

Iron ore explorer Gindalbie Metals Ltd (GBG) has been given the green light from the Western Australian Minister for Environment, Donna Faragher, for development of the Karara Iron Ore project in Western Australia. The company says the decision clears the way for on-site construction and development of the large-scale Karara Project to proceed during the fourth quarter of 2009. Managing director Garret Dixon says the Karara Iron Ore Project is the first major iron ore project to be developed in the Midwest and will open up opportunities for the region to be developed as the next iron ore province. The project still requires Federal Government approval. Gindalbie Metals shares rose 4.57 per cent to $0.915.

The best performing sector at midday is the Energy index up 136 points to 16,157. Shares in Energy Metals up 12.5 per cent at $1.08. Shares in Riversdale Mining and Origin Energy are also stronger at noon.

The worst performing sector at midday is the Utilities index, down 13 points at 4,009. Shares in Duet Group down 2.23 per cent to $1.535. Shares in Challenger Infrastructure Fund and AGL Energy are also lower.

Gold has jumped above the US$1000 mark again and is currently trading at $1002.40 US an ounce and the Aussie dollar is trading at 86.24 US cents.

http://www.marketwatch.com/
http://www.thebull.com.au/
http://www.news.com.au/business/

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