Following mixed leads from US markets on Friday, the local market opened sharply higher and traded within a 25 point range. It’s currently sitting mid point at 5700, tracking 0.46 per cent higher.
Industrials are the best performing sector at midday followed by Consumer Discretionary and Healthcare. Going the other way is Telcos.
The S&P/ASX 200 index is 15 points up sitting at 5,697. On the futures market the SPI is 14 points higher.
Japan’s Nikkei has added 0.5 per cent, Hong Kong’s Hang Seng is 0.8 per cent lower and the Shanghai Composite has dropped 0.3 per cent.
Propertylink (ASX:PLG) has announced it has rejected a non-binding, conditional proposal from Centuria Capital Group (ASX:CNI) and Centuria Industrial REIT (ASX:CIP). The offer was for 100 per cent of the commercial real estate’s outstanding securities. Propertylink received an initial proposal from the financial institution on 15th of September this year which was reviewed by the board and followe dup with another proposal. The proposal involves de-stapling Propertylink Australian Industrial Partnership, Propertylink Trust and Propertylink Holdings Limited. The board and its advisers have rejected the proposal based on a number of reasons, including Centuria not offering a premium for the control transaction. Shares in Propertylink (ASX:PLG) are trading 1.4 per cent higher to 91 cents.
JV Global (ASX:JVG) has secured further funding as part of a recapitalisation proposal. Private equity firm Energy Capital Partners has offered to recapitalise the company. The outstanding debts of the company will be repaid with cash injected into the company to support its near-term business objectives. JV Global is known for the manufacture and sale of steel building and construction products and materials within the residential and commercial building sector. The building company until now has experienced a lack of sufficient capital to increase the number of its projects due to declining sentiment in the Western Australian building sector.
Best and worst performers
The best performing sector is Industrials, gaining 0.8 per cent to 5,679. Shares in Macquarie Atlas Roads have risen 1.47 per cent and trading at $5.52. Shares in Aurizon and Monadelphous are also stronger.
The worst performing sector is Telcos, falling 0.5 per cent to 1,253. Shares in Chorus have fallen 4.84 per cent, trading at $3.54. Shares in Vocus and TPG are also lower.
Gold and the dollar
Gold is trading at $US1,293 an ounce and one Australian dollar is buying US79.62 cents.