Aussie shares are higher at midday by just over 1 per cent, with gains in the banks and miners pushing stock higher on the back of encouraging economic data out from China revealing increased production in August.
The S&P/ASX200 index is up 54 points at 4,614 and on the futures market, the SPI200 is up 53.
In economic news: The Australian Bureau of Statistics has revealed that total personal finance commitments in July dropped 0.7 per cent to $6.833 billion. Total commercial finance increased 8.2 per cent to $29.785 billion for the period, while owner occupied housing finance was up 2.3 per cent to $13.761 billion.
To company news: Shares in Biota Holdings Ltd (ASX:BTA) have risen following news that the drug developer’s Japanese partner, Daiichi Sankyo, has been given the green light to manufacture and market an influenza drug, called Inavir. Biota advises that Inavir medicates patients on a one and done basis, meaning the patient is more likely to use the product properly. Biota joined programs with Daiichi Sankyo in 2003 and under the agreement will receive a royalty on all sales in Japan with the potential to qualify for certain sale milestone payments. Shares in Biota Holdings are 15.73% up at $1.03.
Mineral testing company Ammtec Ltd (ASX:AEC) has entered into a trading halt, pending an announcement regarding the proposed takeover from Campbell Brothers Ltd (ASX:CPB). Campbell Brothers has increased its cash offer from $3.35 per share to $3.80, to value Ammtec at around $139 million. Ammtec says it expects to make the announcement on the potential development no later than this Wednesday. Shares in Ammtec last traded at $3.83.
Turning now to market indices: The best performing sector at midday is the Financials excluding Real Estate Investment Trusts, with the index up 85 points to 5,171. Shares in National Australia Bank are up 2.31% to $25.24. Shares in Macquarie Group and Westpac are also higher. The worst performing sector at midday is the Telco Services sector, with the index down 2 points to 964. Shares in Enerji dropped 4.55% to just over $0.02. Shares in iiNet and Telstra also lower at midday.
To New Zealand now and the NZSX50 is 12 points higher. Taking a look at the top 4 stocks by turnover: Topping the list is Telecom of New Zealand with stock up 0.98% at $2.06 followed by; ANZ, Fletcher Building and Sky City Entertainment Group.
To gold and the dollar: Gold is trading at $1245 US an ounce and the Aussie dollar is trading at 93.08 US cents.
