Aussie shares are steady at noon, following a mixed overseas lead. Locally the banks are trading stronger, ANZ lifting on news its $4 billion bid for a stake in Korea Exchange Bank has been trumped by South Korea’s Hana Financial.
The S&P/ASX200 index is up 7 points at 4,695 and on the futures market the SPI200 is up 3.
In economic news: The Melbourne Institute wages report shows total pay increased 5 per cent over the year to November, indicating the labor market is tightening.
To company news: Aristocrat Leisure Ltd (ASX:ALL) is being sued by US-based International Game Technology for alleged patent infringements, largely concerning Aristocrat's Viridian poker machines. International Game Technology says the lawsuit comes after failed attempts to resolve the disputes between both companies, adding that the case was filed because its intellectual property is being knowingly and unfairly exploited by Aristocrat. A lawsuit has been lodged against Aristocrat Leisure and its US partner, Aristocrat Technologies Inc. Shares in Aristocrat Leisure have fallen 1.16% to $3.41.
Tabcorp Holdings Ltd (ASX:TAH) has announced that it has completed the retail component of its entitlement offer, representing the final stage of the gaming company’s equity raising of around $430 million. The retail bookbuild was oversubscribed and achieved a clearing price of $7.15 a share. Relevant retail shareholders who did not take up all of their entitlements, or who were not eligible to participate, will receive 90 cents for each new share not taken up. Shares in Tabcorp Holdings are down 0.69% to $7.19.
Turning to market indices: The best performing sector at noon is Real Estate Investment Trusts, with the index up 6 points to 837. Shares in ING Industrial Fund are up 1.98% at $0.515. Shares in Stockland and Ardent Leisure Group are also higher. The worst performing sector at midday is Health Care with the index down 83 points to 8,409. Sonic Healthcare is down 1.02% at $10.67. Ramsay Healthcare and Biota Holdings have also dropped at noon.
To New Zealand: the NZSX50 is 5 point weaker. Taking a look at the top 4 stocks by turnover, Telecom of New Zealand is at the top of the list with stock 0.45% lower at $2.21 followed by; Fletcher Building, Fisher and Paykel Healthcare and Auckland International Airport. To gold and the dollar: Gold is trading at $US1356 an ounce and the Aussie dollar is buying $US98.35 cents.
