Aussie shares are higher at midday reversing earlier losses led by gains in the materials and following news that NAB is to acquire AXA Asia Pacific’s Australian and New Zealand businesses and strong support for Woodside Petroleum’s capital raising.
The S&P/ASX200 index is 25 points higher at 4,687 and on the futures market the SPI 200’s up 35 points.
In economic news: According to data released by the ABS, Australia’s international merchandise imports fell 2% to $17.55 billion in November.
In company news: Media company Macquarie Media Group (ASX:MMG) says total revenue fell 3.2% in the year to November at Macquarie Southern Cross Media. Advertising revenue fell 2.8% with TV advertising revenue down 0.3% and radio advertising revenue dropping 7.2%. However, Chairman Max Moore-Wilton says Macquarie Southern Cross Media has achieved a positive revenue performance for November and the first two weeks of December compared to the same time last year. Macquarie Media Group shares gained 2.84 per cent to $1.995.
International industrial resins and specialties group Nuplex Industries Ltd (ASX:NPX) says it expects earnings before interest, tax, depreciation and amortisation of between NZ$110 - 120 million. This compares with previous guidance of between NZ$100 - 110 million. Managing director John Hirst says that while demand remains significantly below the peak in financial year 2007/2008, it has generally recovered from the low point of last financial year and gives every sign of a gradual improvement into the foreseeable future. Mr Hirst says Asia remains the stand-out region in terms of growth in both volume sales and profit. Nuplex Industries shares added 5.77 per cent to $2.20.
Turning now to market indices: The best performing sector at midday is the Materials index, up 151 points at 12,357. Shares in Centamin Egypt advanced 6.51% to $2.29. Shares in Nuplex Industries and Perseus Mining are also higher.
The only sector in the red at midday is the Consumer Staples index, down 25 to 7,502. Shares in Woolworths fell 0.37% to $27. Shares in Metcash are lower while shares in Goodman Fielder are flat at noon.
Looking to New Zealand and the NZSX50 is half a point lower. Taking a look now at the top 5 stocks by turnover: At the top is Telecom of New Zealand, stock steady at $2.39, followed by; Westpac, ANZ, Kiwi Income Property Trust and AMP.
To gold and the dollar: Gold is trading at US$1,142.15 an ounce and the Aussie dollar is trading at 90.04 US cents.
