Aussie shares are slightly higher at midday, following a positive lead from Wall St overnight as investors welcomed JP Morgan Chase's better-than-expected profit report.
The S&P/ASX200 index is up 6 points at 4,002 and on the futures market the SPI 200’s down 12 points.
To business news at midday: Gold producer Avoca Resources Ltd (ASX:AVO) says it has increased its stake in takeover target Dioro Exploration NL (ASX:DIO) to 17.13 per cent. Fellow gold miner Dioro rejected an offer from Avoca earlier this week, saying it was in discussions with other potential suitors. Avoca’s revised offer is one Avoca share for every 2.4 Dioro shares. Avoca Resources shares fell 0.87 per cent to $1.70.
Insurer Suncorp-Metway Ltd (ASX:SUN) says group executive of integration, Mark Butcher, will leave the company at the end of August. Acting CEO Chris Skilton says Mr Butcher has decided that it is an appropriate time to leave now the integration of the Suncorp and Promina businesses have been successfully completed. Mr Blucher joined Suncorp in 1997, and was appointed group executive of integration in 2007. Suncorp-Metway shares dropped 1.14 per cent to $6.93.
Turning now to market indices: The best performing at midday, is the Energy index up 120 points to 14,537. Shares in Eastern Star Gas up 4.74 per cent at 99.5 cents. Shares in Molopo Australia and Arrow Energy are also stronger at noon.
The worst performing sector at midday is the Telco Services index down 15 1,164. Shares in Telstra down 1.18 per cent to $3.36. Shares in Pipe Networks and Telecom of New Zealand are also lower at noon.
Looking to New Zealand and the NZSX50 is 1 point higher. Taking a look at the top five stocks by value on the NZSX50: Telecom of New Zealand heads the list, stock up 0.37 per cent at $2.70, followed by Sky City, Lion Nathan, Fisher & Paykel Appliances and Abano Healthcare Group.
To gold and the dollar: Gold is currently trading at $937.10 US an ounce and the Aussie dollar is trading at 79.91 US cents.
