Gains in mining stocks on stronger metals prices lifted the market in early trade, however investors have pulled back with the market flat at midday.
And according to a World Economic Forum ranking Australia has been ranked second to the U.K. as one of the leading financial centres in the world. The U.S. came in third with Singapore and Hong Kong fourth and fifth.
The S&P/ASX200 index is down 5 points at 4,763 and on the futures market the SPI 200’s down 1 point.
Making headlines at midday: Consumer, automotive and security products manufacturer and distributor GUD Holdings Ltd (ASX:GUD) has made a takeover offer for the Breville Group Ltd (ASX:BRG) valuing Breville at $322 million. The company is offering one GUD share for every 4 Breville shares, valuing Breville at $2.20 a share. GUD managing director Ian Campbell says if successful the merged group will become a leading small domestic appliance business in Australasia, and provide a strong platform for expansion in international markets, particularly North America. Shares in GUD Holdings last traded at $8.76.
Lend Lease Corporation (ASX:LLC) together with its joint venture partner Quintain Estates and Development, has sold its interest in the Millennium Dome in London to Trinity College Cambridge for around $42.6 million. The company says the joint venture partners will continue to own and manage the regeneration of the surrounding 150 acres through the Greenwich Peninsula Regeneration joint venture. The Millennium Dome sits on land that Lend Lease has a 999 year lease on. Lend Lease also just announced the appointment of Brad Soller as CFO. Shares in Lend Lease rose 0.76 per cent to $10.62.
Turning now to market indices: The best performing sector at midday is the Industrials index which gained 15 points to 3,826. Shares in Seek advanced 3 per cent to $6.53. Shares in Macquarie Infrastructure Group and Alesco Corporation are also higher at midday.
The worst performing sector at midday is the Health Care index, down 145 points at 8,460. Shares in CSL lost 2.29 per cent to $31.95. Shares in Cochlear and Ansell are also lower.
Looking to New Zealand and the NZSX50 is 6 points higher. Taking a look at the top five stocks by turnover on the NZSX50: Telstra tops the list, stock up 1.02 per cent at $3.95 followed by Telecom of New Zealand, Fletcher Building, Fisher & Paykel Healthcare and South Canterbury Finance.
To gold and the dollar: Gold is trading at $1050.65 US an ounce and the Aussie dollar is trading at 90.48 US cents.
