Aussie shares have lifted over 1 per cent at noon, bouncing off a strong lead from Wall St as investors absorb the Federal Reserve’s economic stimulus kick. At home soaring commodity prices have boosted the miners, both BHP Billiton Ltd
(ASX:BHP) and Rio Tinto Ltd
(ASX:RIO) up at noon.
The S&P/ASX200 index is up 58 points at 4,803 and on the futures market, the SPI200 is up 58.
To company news: Responding to a French media report AXA Asia Pacific Holdings Ltd (ASX:AXA) has confirmed it is aware that its majority shareholder France's AXA SA, has resumed talks with AMP Ltd (ASX:AMP). Last year AMP offered $US10 billion for AXA Asia Pacific, an offer that was trumped by National Australia Bank Ltd’s (ASX:NAB) offer of $US12 billion. AXA Asia Pacific says it has been made aware of discussions between AXA SA and AMP, regarding AMP’s interest in acquiring its business, adding that the discussions are incomplete with no certainty a deal will be struck. Shares in AXA Asia Pacific Holdings are down 0.36% at $5.59.
Emeco Holdings Ltd (ASX:EHL) says its earnings are on track, driven by a strong recovery in its core businesses. The mining services equipment provider has forecast earnings of between $27 million to $29 million for the first half of the current 2011 financial year. Chief executive Keith Gordon says Emeco's fleet is currently at 89 per cent utilisation with continued strong demand for its equipment. Shares in Emeco Holdings are 1.67% up at $0.915.
Turning now to market indices: The best performing sector is Materials, with the index up 365 points to 13,896. Shares in Alcoa are up 6.67% at $16.00. Shares in PanAust and BlueScope Steel are also higher. The worst performing sector at midday is Telco Services, with the index down 5 points to 923. Shares in Telecom of New Zealand are down 2.13% at $1.61. Shares in Amcom Telecommunications and Telstra are also lower at midday.
To New Zealand: The NZSX50 is 2 points stronger. Taking a look at the top 4 stocks by turnover: Sky City Entertainment Group is at the top of the list with stock up 0.63% at $3.22 followed by; Telecom of New Zealand, ANZ and Fletcher Building.
To gold and the dollar: Gold is trading at $1387 US an ounce and the Aussie dollar is buying $US1.014.
