The Australian share market is in positive territory at noon, upbeat on the news that the Reserve Bank will look past the short-term impact of the recent floods and focus on the medium term outlook of strong economic growth.
The S&P/ASX200 index has lifted 41 points and is 4,862 at noon. On the futures market the SPI up 51 points.
Company news: Peter Crane, a member of the Crane Group Ltd’s (Public, ASX:CRG) founding family has taken to the internet to persuade Crane Group shareholders to reject Fletcher Building Ltd’s (ASX:FBU) takeover offer. Mr Crane has set up a website and a YouTube video in an attempt to halt the $767 million bid. The board recommended on Monday that shareholders accept the offer. Shares in Crane Group gained 0.6 per cent at midday and are trading at $10.06.
Biota Holdings Ltd (ASX:BTA) said it expects to gain $1.2 million in royalties from sales of Relenza, in the December quarter. GlaxoSmithKline has advised Biota that the sales of the flu drug during that period were worth $17.9 million. Shares in Biota Holdings have climbed 0.39 per cent at noon and are trading at $1.295.
Turning to market indices: The best performing sector is Telco Services with the index rising 25 points to 987. Shares in Enerji Ltd are up 6.06 per cent to $0.035. Shares in Telstra and Telecom Corporation of New Zealand are also up at noon.
The index making the smallest gain is Consumer Staples rising 12 points to 7,881. Shares in Foster’s Group have lost 0.51 per cent and are $5.81. Shares in Coca-Cola Amatil and Woolworths are also down at midday.
To New Zealand: The NZSX50 is up 20 points. Taking a look at the top 4 stocks by turnover, Telecom Corporation of New Zealand is at the top of the list up 2.27% to $2.25; followed by Fletcher Building, ANZ and Westpac.
To gold and the dollar: Gold is trading at $US1,351 an ounce and the Aussie dollar is buying $US1.0176.
