Shares firm on energy, miners

From: AAP
December 20, 2010 12:24PM

THE share market was higher at noon, led by energy and resources companies in subdued trade.

At midday (AEDT), the benchmark S&P/ASX200 index was up 6.4 points, or 0.13 per cent, at 4769.5 points, while the broader All Ordinaries index had risen 6.6 points, or 0.14 per cent, to 4859.6 points.
On the ASX 24, the March share price index futures contract was up 10 points at 4769 points, with 8833 contracts traded.
Around four shares had risen for every three declines on the S&P/ASX50.
IG Markets research analyst Ben Potter said the local market had followed a soft lead from the US.
In the US on Friday, the Dow Jones industrial average fell 0.06 per cent. The broader S&P 500 eked out another 2010 high. The index rose 0.08 per cent to to close at 1243.91.

"It was a very quiet session on Wall Street on Friday night, it seemed many people have packed up shop," Mr Potter said from Melbourne.
"That has translated to low volumes here again in Australia.
"Most of the strength is coming from the sectors exposed to the resources base.
The best-performing share on the S&P/ASX50 was energy producer Santos, which emerged from a trading halt issued last week to be up 5.17 per cent, or 67c, at $13.64.
Santos said today it had completed a $500 million capital raising, with 39.8 million ordinary shares issued at a placement price of $12.55.
And the company said last week it was poised to make a final decision on the Gladstone liquefied natural gas (GLNG) project, after selling a 15 per cent stake in the project and signing a $US120 billion ($121.77 billion) sales offtake deal.
"They have raised $500 million in cash at a very low discount to the market and the offering was very oversubscribed," Mr Potter said.
"That is being seen in a very positive light by the market."
Other energy shares were firmer, with Woodside Petroleum up 6c at $43.23 and Oil Search was 8c firmer at $7.08.
Mining giant BHP Billiton was up 14c at $45.17 and rival Rio Tinto was 49c higher at $86.14.
"Materials are a bit stronger across the board this morning," Mr Potter said.
"(With the rest) it is fairly mixed.
"It is pretty quiet at the moment and there's not a lot in terms of volume. I expect that theme to definitely continue and increase even more post-Christmas.
Most of the big banking shares were weaker at 12.06pm.
Westpac was the worst performer of the big four, down 19c, or 0.82 per cent, at $23.00.
ANZ was down 13c at $23.46 and NAB was flat at $24.15, while Commonwealth Bank bucked the negative trend, up 21c at $50.91.
Investment manager Perpetual was down $5.07, or 13.7 per cent, at $31.94.
Perpetual said its takeover talks with US-based private equity firm Kohlberg Kravis Roberts & Co had ceased after the two were unable to find agreement on the terms of the deal.
In other news today, consultant engineer Coffey International has forecast a halving in first half operating earnings as it implements further cost cuts, including the redundancy of 100 staff.
Coffey was down 8.5c, or 7.49 per cent, at $1.05.
Ramsay Health Care was up 66c, or 3.97 per cent, at $17.30, after the health care provider upgraded its full year profit forecast, flagging a rise of up to 28 per cent in first half profit.