Aussie shares have slid down to be half a per cent lower at noon, on profit taking in the banks and miners.
The S&P/ASX200 index is down 26 points at 4,613 and on the futures market, the SPI200 is down 25.
To company news: The battle for Foster’s Group Ltd’s (ASX:FGL) wine business is intensifying, the Australian Financial Review reporting that private equity firms Kohlberg, Kravis & Roberts and TPG are considering teaming up to make a bid. According to the AFR the firms have met to discuss whether they should submit a proposal. Any offer made would need to be higher that Cerberus’s $2.3 billion to $2.7billion proposal that was rejected by the Foster’s Board. Shares in Foster’s Group are 0.96% down at $6.19.
Jabiru Metals Ltd (ASX:JML) has completed $14 million of silver hedge financing with BNP Paribas. The company says it's debt free status will allow it to take advantage of the silver price moving to historical highs above US$20 per ounce, to provide working capital and to fund future growth. The financing structure gives Jabiru $14 million up-front cash in return for forward sales of 680,000 ounces of silver from December 2010 to June 2012. Shares in Jabiru Metals are 2.38% down at $0.41.
Turning now to market indices: The best performing sector is Telco Services, with the index up 11 points to 960. Shares in Telstra are up 1.45% to $2.79. Shares in Amcom Telecommunications and Singtel are also higher. The worst performing sector at midday is the Consumer Staples sector, with the index down 63 points to 8,167. Shares in Goodman Fielder dropped 1.05% to $1.42. Shares in Foster’s Group and Woolworths also lower at midday.
To New Zealand now, the NZSX50 is 8 points lower. Taking a look at the top 4 stocks by turnover: Telecom of New Zealand heads the list with stock down 0.49% at $2.05 followed by; Fletcher Building, Westpac and Sky City Entertainment Group.
To gold and the dollar: Gold is trading at $1278 US an ounce and the Aussie dollar is trading at 94.05 US cents.
