The local share market is stronger at midday, led by gains in energy stocks and a lift in investor confidence following positive jobs data out of the US.
The S&P/ASX200 index is 46 points higher at 4,813 and on the futures market the SPI200’s up 41 points.
In company news: Charter Hall Retail Ltd (ASX:CQR) has bought two retail centres for a combined $69.8 million. The Trust has acquired a shopping centre in Manuka, Canberra, and a bulky goods retail centre in the inner city suburb of Mile End in Adelaide. The assets were acquired at an average yield of 9.5% before acquisition costs. They will be funded through existing cash reserves and debt capacity following the success of capital management initiatives over the past 18 months which have strengthened the balance sheet and created additional liquidity. CEO Steven Sewell says that following settlement of the deal, the Trust’s weighting to the Australian and New Zealand markets will increase to 57%. Shares in Charter Hall are steady at $0.59.
JB Hi-Fi Ltd’s (ASX:JBH) outgoing CEO Richard Uechtritz has sold half a million shares in the electronics retailer to raise almost $10 million. In documents filed with the ASX today, the company has revealed Mr Uechtritz sold the shares between March 1st and March 5th for $9.87 million. He still holds one million ordinary shares in JB Hi-Fi and 621, 923 options over shares in the group. Last month, Mr Uechtritz, said he would step down in July or August to be replaced by the company’s COO Terry Smart. Shares in JB Hi-Fi dropped 1.19% to $19.93.
Turning now to market indices: And all sectors are in positive territory at midday. The Energy index is the frontrunner, up 567 points at 15,435. Shares in Arrow Energy (ASX:AOE) rose 44.54% to $5.03, after it received a $3.26 billion takeover bid this morning. Shares in Liquefied Natural Gas and New Hope are also higher.
The worst performing sector at midday is the Industrials index, up 3 points to 3,967. Shares in CSR are down 1.19% to $1.665. While shares in Virgin Blue and Transurban are also lower at noon.
Looking to New Zealand and the NZSX50 is 10 points higher. Taking a look at the top 4 stocks by turnover: Heading the list is Telecom of New Zealand stock is up 0.89% to $2.27 followed by; Fletcher Building, AMP NZ Office Trust and Port of Tauranga.
To gold and the dollar: Gold is trading at US$1,134.30 an ounce and the Aussie dollar is trading at 90.9 US cents.
