The Australian share market is trading in the black, up 0.4 per cent, following a strong lead from Wall St on upbeat economic data. Investors have also responded positively to news that China’s monetary tightening was less dramatic than had been expected. While locally, banking competition reforms announced over the weekend have lifted the major banks higher in early trade.
The S&P/ASX200 index has risen 20 points to 4,766. On the futures market the SPI is up 14 points.
Company news: Fairfax Media Ltd (ASX:FXJ) says it has bought a tendering website called TenderLink for $16.43 million. The media company says TenderLink is the largest tender notification service provider in the southern hemisphere, providing subscribers access to 99 per cent of publicly advertised tenders throughout Australia and New Zealand. CEO of Fairfax’s digital branch Jack Matthews says the acquisition is in line with the company’s strategy of acquiring high growth transactional businesses. Shares in Fairfax Media have firmed 0.35 per cent at noon and are $1.42.
Maryborough Sugar Factory Ltd (ASX:MSF) says it will raise around $38 million to partially fund buying the remaining 50 per cent stake in the Northern Milling joint venture from Bundaberg Sugar. The offer of around 12 million new ordinary shares is at a price of $3.15 per share, representing a 9.5 per cent discount to the closing price on Friday. Chairman James Jackson says after the acquiring full control of the Northern Milling JV, the company will be the third largest producer of raw sugar in Australia. Shares in Maryborough Sugar Factory last traded at $3.48. Market indices: The best performing sector is Consumer Discretionary with the index rising 9 points to 1,507. Shares in News Corp have advanced 1.65 per cent to $16.66. Shares in Aristocrat Leisure and Tabcorp Holdings are also stronger. The worst performing sector at midday is Telco Services, the index steady at 942. Shares in Stratatel have fallen 9.26 per cent and are almost $0.05. Shares in Amcom Telecommunications and Telstra have also eased at midday.
To New Zealand: The NZSX50 is up 15 points. Taking a look at the top 4 stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock 1.44 per cent higher at $2.11; followed ANZ, Fletcher Building and Westpac.
To gold and the dollar: Gold is trading at $US1,383 an ounce and the Aussie dollar is buying 98.49 US cents.
