News: Midday: Aus shares pare gains

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Following positive leads, the Australian share market opened higher. Gains spiked early in the morning but by noon the ASX was trading only 0.2 per cent higher. Positive housing data pushed Wall Street higher overnight.

 

The big miners were driving gains this morning while Westpac dropped into the red.

 

The S&P/ASX 200 index is 13 points up at 5,388. On the futures market the SPI is 4 points higher.

 

Company news

 

As part of its much discussed demerger BHP Billiton Limited (ASX:BHP) is considering listing its new company in London. The global diversified miner says the listing would be in addition to the previously announced primary listing on the ASX and secondary listing in South Africa. The new company doesn’t yet have a name but will include a selection of BHP’s aluminium, coal, manganese, nickel and silver assets.  Shares in BHP are trading up 0.75 per cent at $34.95 

 

Regenerative medicine company Regeneus Limited (ASX:RGS) has received $3.7 million from the Australian Government’s R&D Tax Incentive Program. The company says the funds will be used to progress its product pipeline and anticipates being eligible to receive the refund in the future. Shares in Regenus are trading down 1.79 per cent at $0.275

 

Best and worst performers

The best performing sector is materials, gaining 0.6 per cent to 9,550. Shares in Sirius Resources (ASX:SIR) have risen 5.14 per cent and trading at $3.27. Shares in Nufarm Limited (ASX:NUF) and Western Areas Limited (ASX:WSA) are also stronger. 

 

The worst performing sector is consumer staples, falling 0.2 per cent to 9,801. Shares in Asaleo Care Limited (ASX:AHY) have fallen 1.13 per cent, trading at $1.96. Shares in Treasury Wine Estates Limited (ASX:TWE) and Metcash Limited (ASX:MTS) are also lower. 

 

Gold and the dollar

Gold is trading at $US1,213 an ounce.

The Australian dollar is buying $US0.8863