Aussie shares are down 0.4 per cent at midday. Despite a positive lead from Wall St mining stocks, led by BHP, have dropped on weaker metal prices. While Myer’s well-received annual result has helped to support gains in the Consumer Discretionary sector.
The S&P/ASX200 index is down 21 points at 4,641 and on the futures market, the SPI200 is up 19.
To company news: Shares in Conquest Mining Ltd (ASX:CQT) have surged following news that it will acquire 40 per cent of the Pajingo gold mine from Heemskirk Consolidated Ltd (ASX:HSK). Conquest will pay $37 million for the stake, comprising of $27 million in cash and $10 million in Conquest shares. The miner says the acquisition complements its current takeover offer for North Queensland Metals Ltd (ASX:NQM), the owner of the remaining 60 per cent of Pajingo. Shares in Conquest Mining are 14.61% up at $0.51.
Responding to media speculation about a potential hybrid issue Santos Ltd (ASX:STO) says it has had discussions with potential hybrid investors, but there is no certainty a transaction will go ahead. In August Santos said it was considering the issue of hybrid securities, and its confirmation of discussions follow reports that it will boost equity capital through a sub-investment grade corporate hybrid issue. Shares in Santos are 0.24% up at $12.75.
Turning now to market indices: Most sectors are in the red at midday. The best performing sector is the Consumer Discretionary, with the index up 5 points to 1,575. Shares in Harvey Norman Holdings are up 2.37% to $3.89. Shares in Tabcorp Holdings and Fleetwood Trust Corporation are also higher. The worst performing sector at midday is the Real Estate Investment Trusts sector, with the index down 9 points to 884. Shares in Goodman Group dropped 2.22% to $0.66. Shares in Stockland and Mirvac Group also lower at midday.
To New Zealand now and the NZSX50 is 13 points higher. Taking a look at the top 4 stocks by turnover: At the top the list is Telecom of New Zealand with stock up 0.97% at $2.08 followed by; Fletcher Building, ANZ and Sky City Entertainment Group.
To gold and the dollar: Gold is trading at $1268 US an ounce and the Aussie dollar is trading at 93.82 US cents.
