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Australian shares
Following positive leads from overseas markets, the Australian share market opened higher, buoyed by the big four banks the local bourse is 0.26 per cent up at noon.The S&P/ASX 200 index is 16 points up at 5,642. On the futures market the SPI is 8 points higher.Economic news
The AiG Performance of Manufacturing Index shows conditions worsened in August. The index slid 3.4 points to a seasonally adjusted 47.3.
The 3 month moving average also dropped, down to 48.9 points. Production, new orders, sales, employment and supplies all went backwards showing contraction across all levels of manufacturing.RP-Data Rismark figures show house prices in capital cities rose 4.2 per cent in the last three months. Sydney and Melbourne markets were the main drivers rising 5 per cent and 6.4 per cent respectively. Hobart and Darwin recorded slight contractions. It’s the strongest winter growth result since 2007.Company newsCentral Petroleum Limited (ASX:CTP) today says that its Mt Kitty Joint Venture project with Santos will commence wireline logging tomorrow. The discovery is expected to be evaluated further during this operation. Central Petroleum has also been advised by Santos that the mining giant will not proceed to stage 2 of the NW Mereenie project but will instead concentrate on Southern Amadeus and Mt Kitty. Earlier this year Central Petroleum started producing at its Surprise West-1 well. The Northern Territory-based junior exploration and production company holds close to 70 million acres of prospective onshore land. Shares in Central Petroleum are trading down 2.94 per cent at $0.33.Nido Petroleum Limited (ASX:NDO) says its off-market takeover offer from Thai based BCP Energy International is now free of conditions and Nido shareholders will receive accelerated payment terms. BCPE is offering proceeds within 7 days of acceptance. The offer price of 5.5 cents per share was backed by the Nido board in early August. Major shareholder Petroleum International Investment Corporation has already agreed to the deal. Shares in Nido Petroleum are trading up 3.85 per cent at $0.05.
Best and worst performers
The best performing sector is real estate investment trusts, gaining 1.3 per cent to 1,157. Shares in Abacus Property Group have risen 2.41 per cent and trading at $2.77. Shares in Scentre Group and Federation Centres are also stronger.The worst performing sector is consumer staples, falling 0.3 per cent to 10,026. Shares in Woolworths have fallen 1.22 per cent, trading at $35.72. Shares in GrainCorp also dropped with Tassal Group slightly higher.
Gold and the dollarGold is trading at $US1,286 an ounce.The Australian dollar is buying $US0.9336.
