The Australian share market is trading flat after Wall Street recovered from steeper losses overnight. Despite negative offshore leads stocks crawled onto positive ground at open but have now dipped into the red as concerns over Spain’s debt burden weigh on sentiment.
The S&P/ASX 200 index is currently trading 10 points lower at 4,119. On the futures market the SPI is 9 points down.
Surfwear retailer Billabong International Limited (ASX:BBG) has received another takeover offer from US private equity firm TPG Capital. The indicative, non-binding and conditional offer values Billabong at $695 million, 18 per cent down from TPG’s first offer in February.
Wine maker Treasury Wine Estates Limited (ASX:TWE) has signed a new packaging contract with Accolade Wines which will see Treasury Wine pack wine for Accolade in Australia and Accolade package wine for Treasury in the UK.
Private health insurance provider NIB Holdings Limited (ASX:NHF) has entered into an alliance with a UnitedHealth Group company (NYSE:UNH) which will see nib support UnitedHealth’s customers in Australia.
Coal producer Cockatoo Coal Limited (ASX:COK) has inked a new long term rail haulage contract with rail freight company QR National (ASX:QRN) to secure the transport of coal from the expansion of its Baralaba Complex in Queensland's Bowen Basin.
Best and worst performers
The best performing sector is Consumer Staples, gaining 62 points to 8,117. Shares in Treasury Wine Estates Limited (ASX:TWE) have risen 1.01 per cent and trading at $4.50. Shares in Metcash Limited (ASX:MTS) and Woolworths Limited (ASX:WOW) are also stronger.
The worst performing sector is Industrials, falling 22 points to 3,192. Shares in Boart Longyear Limited (ASX:BLY) have fallen 3.42 per cent, trading at $2.54. Shares in Qantas Airways Limited (ASX:QAN) and CSR Limited (ASX:CSR) are also lower.
Gold and the dollar
Gold is trading at $US1, 577 an ounce.
The Australian dollar is buying $US1.027.