The Australian share market is higher at midday following a strong session on Wall Street, led by gains in the four major banks and miners BHP and Rio Tinto.
The S&P/ASX200 index is 37 points higher at 4,867 and on the futures market the SPI200’s up 40 points.
In company news: Mining services group Mineral Resources Ltd (ASX:MIN) has announced it will make a takeover bid for mineral processing technology developer Mesa Minerals Ltd (ASX:MAS). The Perth-based company says it will offer one Mineral Resources share for every 70.6 Mesa shares, which values Mesa at $60.9 million. The offer has been recommended by the company’s directors, however, one of the key conditions is the withdrawal of all resolutions to be considered by Mesa shareholders at an extraordinary general meeting on Friday. Mesa Minerals is a partner in the Ant Hill manganese project in Western Australia’s Pilbara region. Shares in Mineral Resources are down 0.28% at $7.16.
Woolworths Ltd (ASX:WOW) is trialling the use of renewable energy to partly power its petrol stations. AAP reports that the company switched on the solar panels at its Belconnen outlet in Canberra today in what it claims to be an Australian first for a major retail company. Woolworths expects the panels to generate about 15% of the site’s total energy needs. If the Belconnen trial and another at Hume in the ACT are successful, solar panels will be rolled out at other outlets throughout Australia, but only where incentives are offered. Shares in Woolworths are down 0.42% at $28.31.
Turning now to market indices: The best performing sector at midday is the Financials excluding the Real Estate Investment Trust index, up 71 points at 5,722. Shares in ANZ Bank rose 2.02% to $25.20. Shares in National Australia Bank and Commonwealth Bank were also higher at noon.
The worst performing sector is the Healthcare index, down 41 points to 8,885. Shares in Acrux are down 3.38% to $2.29. Shares in CSL and Ansell are also lower at midday.
Looking to New Zealand and the NZSX50 is 4 points higher. Taking a look at the top 4 stocks by turnover: First in the list is Telecom of New Zealand, stock is up 0.47% at $2.15, followed by Fletcher Building, Westpac and Goodman Property Trust.
To gold and the dollar: Gold is trading at US$1,105.15 an ounce and the Aussie dollar is trading at 91.72 US cents.
