Aussie shares are one and a half per cent higher, after a strong lead from Wall St. Financials are leading the gains, up two per cent.
The S&P/ASX200 index is up 69 points at 4,671 and on the futures market, the SPI200 is up 74.
To company news: Nufarm Ltd (ASX:NUF) has struck an agreement with its lenders to secure waivers on its banking covenants, in respect to the periods ending July 31 and October 30 this year. The agricultural chemicals supplier says its lenders have also agreed to provide a funding facility for the period through to mid December. Managing director Doug Rathbone says Nufarm is currently working with its lenders to establish a more efficient long-term banking structure. Shares in Nufarm are 1.73% higher at $4.12.
Crane Group Ltd (ASX:CRG) says it will takeover Hudson Building Supplies Pty Ltd for $31.5 million. The plumbing supplier says the acquisition is expected to be earnings positive in fiscal 2012 and will be funded through existing debt facilities. Hudson supplies timber and hardware to the building industry through 15 branches in New South Wales and South East Queensland and has a sales turnover of $107 million. Shares in Crane Group are 1.07% higher at $8.54.
Turning now to market indices: The best performing sector is Financials Excluding Real Estate Investment Trusts, with the index up 108 points to 5,240. Shares in ASX are up 3.64% to $33.90. Shares in Macquarie Group and Suncorp-Metway are also higher. The worst performing sector at midday is Health Care, with the index down 9 points to 8,326. Shares in Mesoblast have fallen 4.44% to $2.58. Shares in Healthscope and CSL are also lower at midday.
To New Zealand now, the NZSX50 is up 26 points. Taking a look at the top 4 stocks by turnover: Telecom of New Zealand is at the top of the list with stock up 0.49% at $2.04 followed by; Fletcher Building, Infratil and Port of Tauranga. To gold and the dollar: Gold is trading at US$1296 an ounce and the Aussie dollar is trading at 95.91 US cents.
