Aussie shares are higher at midday led by gains in financial stocks like major banks Westpac and the Commonwealth Bank, helping to offset declines in resources stocks on a fall in oil and metals prices.
The S&P/ASX200 index is 29 points higher at 4,928 and on the futures market the SPI 200’s up 33 points.
In company news: Reports are circling again that Macquarie Group (ASX:MQG) is one of three bidders for the Royal Bank of Scotland holding in RBS Sempra Commodities. According to the Australian RBS has reportedly received bids of close to US$4 billion for its stake in the joint venture with natural gas company Sempra Energy. Macquarie Group along with Deutsche Bank and JP Morgan are the three bidders for the asset which RBS has been ordered to sell by the European Union as a condition of accepting billions of dollars in aid from the government. Macquarie Group shares gained 0.78 per cent to $48.87.
Mining company Cortona Resources Limited (ASX:CRC) has completed a $10.3 million capital raising after settling a shortfall of $3.6 million. Managing director Peter van der Borgh says this is a terrific update for the company as they now have the required funds to achieve its objectives, saying that the Dargues Reef DFS and Planning approvals process are underway and aggressive drilling campaigns at Dargues Reef in NSW and North Monger in WA are about to commence. Shares in Cortona Resources rose 6.25 per cent to $0.17.
Turning now to market indices: Majority of sectors are in the black at midday however the sector with the biggest gain is the Consumer Staples index up 110 points at 7,820. Shares in Coca-Cola Amatil advanced 2.25% to $11.36. Shares in Woolworths and Metcash are also higher.
The only sector in the red at midday is the Materials index, down 27 to 13,161. Shares in Centamin Egypt fell 4.2% to $2.28. While shares in Kingsgate Consolidated and Incitec Pivot are also lower at noon.
Looking to New Zealand and the NZSX50 is 18 points higher. Turning to the top 5 stocks by turnover: Telecom of New Zealand heads the list stock up 1.98% at $2.58 followed by Downer EDI, Fletcher Building, Kathmandu Holdings and Fisher & Paykel Healthcare.
To gold and the dollar: Gold is trading at US$1,126.50 an ounce and the Aussie dollar is trading at 91.76 US cents.
