The Australian share market is higher at midday, by almost .6%, with Energy stocks leading the gains.
The S&P/ASX200 index is up 29 points at 4,571 and on the futures market, the SPI200 is up 21 points. To company news: National Australia Bank (ASX:NAB) has confirmed that it remains in discussions with the Australian Competition and Consumer Commission in relation to the proposed acquisition of the Australian and New Zealand businesses of AXA Asia Pacific Holdings (ASX:AXA). The confirmation came following AXA Asia Pacific Holdings today entering into a trading halt, pending an announcement from the ACCC. The competition watchdog is currently considering if NAB’s $13.3 billion bid for AXA Asia Pacific Holding’s businesses, will create an unfair advantage in the provision of retail investment platforms. Shares in National Australia Bank are down 0.16% at $24.96.
Whitehaven Coal Ltd (ASX:WHC) has responded to media speculation that it is in discussions in relation to potential corporate transactions. The coal miner says it has and continued to have discussions that are preliminary and remain incomplete, adding that it is highly uncertain whether this process will lead to a proposal. Shares in Whitehaven are up 6.11% at $6.08.
Turning now to market indices: Most sectors are in the black at midday. The best performing index is the Energy sector, up 167 points to 15,021. Shares in Gloucester Coal are 10.9% higher at $12.49. Shares in Paladin Energy and Oil Search are also higher at noon. The worst performing index is the Telcos sector, steady at 1,119 points. Shares in Hutchison Telecommunications dropped 4.76% to $0.10. Shares Singapore Telecommunications and iiNet are also lower at midday.
To New Zealand now and the NZSX50 is up 5 points. Taking a look at the top 4 stocks by turnover: Fletcher Building heads the list with stock down .79% to $7.51 followed by; Fisher and Paykel Healthcare, Telecom of New Zealand and Vector Ltd.
To gold and the dollar: Gold is trading at US$1194 an ounce and the Aussie dollar is trading at 91.5 US cents.
