The Australian share market has risen with a positive overseas lead, to be 0.4 per cent higher at noon. The miners are leading the gains, with the banking sector also up on Westpac’s 84% jump in full year net profit to $6.35 billion.
The S&P/ASX200 index is up 17 points at 4,719 and on the futures market, the SPI200 is up 13.
To company news: Swiss mining giant Xstrata plc has upped its bid for Sphere Minerals Ltd (ASX:SPH), boosting its takeover offer from $2.50 to $3.00 per share. Xstrata says the offer is final, adding that it believes the cash offer is very attractive to Sphere shareholders. Xstrata has also threatened to abandon the proposal if it does not receive over 50 per cent interest by 12 November. Shares in Shere Minerals Ltd have soared 18.55% to $2.94 at noon.
Shares in SP AusNet (ASX:SPN) have fallen at noon, following news the company has executed three bank debt facilities to raise a total of $400 million. The company that operates in electricity and gas distribution as well as electricity transmission says the proceeds will be used to refinance existing bank debt and to fund growth. SP AusNet had $446 million in cash on 30 September this year, and has $325 million of undrawn but committed bank debt facilities due in April 2012. Shares in SP AusNet are 2.15% lower at $0.91.
Turning to market indices: The best performing sector is Materials, with the index up 112 points to 13,336. Shares in Sphere Minerals are as mentioned before. Shares in Montezuma Mining Company and Cape Lambert Resources are also higher. The worst performing sector at midday is Utilities, with the index down 9 points to 4,523. Shares in SP AusNet are as mentioned before. Shares in Spark Infrastructure and AGL are also lower at midday.
To New Zealand: The NZSX50 is steady. Taking a look at the top 4 stocks by turnover: Telecom of New Zealand is at the top of the list with stock down 0.49% at $2.04 followed by; Sky City Entertainment Group, Westpac and Fletcher Building.
To gold and the dollar: Gold is trading at $1355 US an ounce and the Aussie dollar is trading at 99.87 US cents.
