Aussie shares are higher at midday buoyed by gains in resource stocks on stronger commodity prices, and a positive lead from US stocks overnight following some better than expected earnings results.
The S&P/ASX200 index is 40 points higher at 4,965, and on the futures market, the SPI200’s up 48.
In economic news: The Department of Education, Employment and Workplace Relations index of skilled job vacancies fell 6.8% to a read of 44.4 between March and April.
In some more positive news, the Westpac/Melbourne Institute leading index of economic activity rose to 7.2% in February up from 6.9% in January.
And data from the ABS shows that Australia’s merchandise imports rose 4% in March.
In company news: Zinc, lead and silver producer CBH Resources Ltd (ASX:CBH) says it has received notice from takeover suitor Nyrstar NV that it does not intend to change its current takeover proposal. Nyrstar is in the bidding race for CBH with Toho Zinc, who on Tuesday upwardly revised its offer for the miner. Toho is offering to acquire between 26.5% and 28.5% of shares held by CBH shareholders to give it a stake in the company of no more than 49.9%. Nyrstar says it believes its offer to acquire almost $100 million worth of CBH’s convertible notes and all of its shares for 19.5 cents a share, as superior to Toho’s and represents the best outcome for shareholders. Shares in CBH Resources fell 6.98% to $0.20.
Macquarie Atlas Roads Group (ASX:MQA) says weighted average traffic rose 1.2% and revenue increased 3.8% across the portfolio during the March 2010 quarter despite poor weather conditions. This compares to traffic growth of 1.1% and revenue growth of 3.5% during the December quarter of 2009. The company says revenue has continued to recover during the quarter, with increases seen on some major roads in the portfolio, reflecting the improving traffic trends and the positive impact of the changes to tolling structures implemented during 2009 and 2010. Macquarie Atlas Roads says some roads in the portfolio experienced revenue and traffic declines following unexpectedly harsh winter conditions during the period. Shares in Macquarie Atlas Roads dropped 0.5% to $0.995.
Turning now to market indices: Majority of sectors are in the black at midday, however the sector with the biggest gain is the Utilities index, up 79 points to 4,557. Shares in AGL Energy rose 1.77% to $15.52. Shares in APA Group and Duet Group are also higher at noon.
The only sector in the red is Consumer Staples index, down 4 points to 7,668. Shares in Premier Investments fell 0.4% to $7.44, while shares in Goodman Fielder and Coca-Cola Amatil are also lower.
Looking to New Zealand and the NZSX50 is 6 points stronger. Taking a look at the top 4 stocks by turnover: Topping the list is PGG Wrightson with shares up 3.57% at $0.58 followed by Telecom of New Zealand, AMP and Fletcher Building.
To gold and the dollar: Gold is trading at US$1,141.75 an ounce and the Aussie dollar is trading at 93.08 US cents.
