The local share market has edged higher at midday investor...

The local share market has edged higher at midday investor confidence lifting on some positive economic data out of the US, but caution still remains as debt problems in Europe continue to linger.

All Ordinaries index had firmed 19 points, or 0.4 per cent, to 4,776.

The Australian Industry Group/Housing Industry Association Australian performance of construction index fell 4.9 points to a read of 52.8 in February. However the result remained above the 50 mark indicating expansion in the sector.

Agricultural chemicals maker Nufarm Ltd (NUF) has come under fire for issuing an earnings downgrade minutes before shareholders voted to sell 20% of the company to Japan?s Sumitomo. At an extraordinary meeting on Tuesday the company announced that it expected to post a half year loss of $40 million. In a statement to the ASX Nufarm says that disclosing this downgrade at its extraordinary meeting was the first opportunity the company has had to update shareholders. Nufarm?s interim results for the six months to January 31, 2010 are scheduled to be released to the market on March 30. For fiscal 09 Nufarm reported net profit after tax of $79.88 million.

Gold miner Lihir Gold Ltd (LGL) has agreed to sell its Ballarat mine in Victoria to Castlemaine Goldfields Ltd for $4.5 million in cash plus a 2.5% royalty interest in future production capped at $50 million. Lihir says the sale is subject to certain conditions including Castlemaine shareholders approving the issue of new equity to raise a minimum of $20 million. Castlemaine has indicated it intends to take the Ballarat operation forward as an exploration project and will therefore cease mining and processing for the immediate future. In preparation for the transition to new ownership, the operation will be wound down and placed on care and maintenance from today. Shares in Lihir Gold are steady at $2.94.

Coal, iron ore and manganese miner Aquila Resources Ltd (AQA) says the West Australian Government has approved the development of green field port facilities at Anketell Point on the West Pilbara coast. The news comes after the WA Government pledged $3.5 million towards the construction of a new port at Anketell Point. The development of the port is being driven by Aquila, Fortescue Metals Group and Metallurgical Corporation of China. Fortescue is planning to use the new port to export iron ore from its Solomon mine south of Anketell Point. Shares in Aquila Resources rose 1.76% to $10.40.

The best performing sector at midday is the Health Care index, up 106 points at 8,721.

The worst performing sector at midday is the Consumer Staples index, down 14 points to 7,854.

Gold is trading at US$1,131.70 an ounce and the Aussie dollar is trading at 90.07 US cents.

Quick trades
EPR: .013/.016c
ADO: .067/.07c

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