The Australian share market is modestly higher at noon, up 0.2 per cent, following a positive lead from Wall St. Closer to home, the financials are making slight gains while discretionary stocks are dragging.
The S&P/ASX200 index has lifted 8 points to 4,775. On the futures market the SPI is down 1 point.
Company news: Westpac Banking Corporation (ASX:WBC) has called on the government to play a part in ensuring that the banking system remains a sustainable element of Australia’s economic infrastructure. Speaking at the bank’s annual general meeting, chairman Ted Evans today said that Westpac expects some of the legacies of the GFC to linger and so will maintain a disciplined approach to managing its balance sheet. Shares in Westpac have firmed 0.7 per cent and are $23.16 at noon.
Fletcher Building Ltd (ASX:FBU) has launched a $740 million takeover of Crane Group. Dual listed in both Australia and New Zealand, Fletcher Building yesterday secured a 14.9 per cent stake in Crane, and has continued the hunt today with a cash and scrip offer of one Fletcher share and $3.43 cash for every Crane share. Crane says it has noted the offer and advised its shareholders to take no action. Shares in Fletcher Building have slipped 3.38 per cent at noon and are trading at $5.72.
Market indices: The best performing sector is Telco Services with the index lifting 5 points to 948. Shares in Macquarie Telecom Group have gained 4.77 per cent to $9.45. Shares in and Telecom Corporation of New Zealand and Telstra have also risen at noon. The worst performing sector at midday is Consumer Discretionary, dropping 5 points to 1,487. Shares in Billabong International have shed 8.44 per cent, following a fiscal 2011 profit downgrade, and are $8.14. Shares in JB Hi-Fi and Pacific Brands have also eased at midday.
To New Zealand: The NZSX50 is down 1 point. Taking a look at the top 4 stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock 1.42 per cent higher at $2.15; followed Fletcher Building, Westpac and Sky City Entertainment Group.
Gold and the dollar: Gold is trading at $US1,395 an ounce and the Aussie dollar is buying 99.64 US cents.
