The Australian share market has dipped 0.3 per cent at noon as investors consider unfolding political tensions in Libya and Japan’s nuclear crisis. Oil prices have rallied, driving energy stocks up but pulling on retailers impacted by higher pump prices.
The S&P/ASX200 index has lost 15 points and is 4,612 at noon. On the futures market the SPI down 17 points.
Company news: Fairfax Media Ltd (ASX:FXJ) has appointed Brett Clegg to the role of CEO of the Financial Review Group, following the resignation of Michael Gill. Mr Clegg is a former Fairfax journalist and has most recently held the position of The Australian’s deputy CEO. Fairfax has also announced that the Australian Financial Review editor Glenn Burge will be taking on another role, and Paul Bailey has been as appointed acting editor. Shares in Fairfax Media have fallen 0.4 per cent and trading at $1.24.
Rio Tinto Ltd (ASX:RIO) has given Riversdale Mining Ltd (ASX:RIV) shareholders three more days to accept its sweetened $3.9 billion offer for the Mozambique-focused coal miner. Rio says it has now received 34.94 per cent acceptances from Riversdale and has extended its $16.50 per share offer until 6 April. If Rio does not obtain over 50 per cent by then the offer will revert to $16 per share. Shares in Rio Tinto have firmed 0.21 per cent and are trading at $80.67 at midday.
Best and worst performers: The best performing sector is Energy, rising 140 points to 16,402. Shares in Toro Energy have improved 10 per cent and trading at $0.11. Shares in Metgasco and Santos have also risen at midday. The worst performing sector is Industrials, dropping 32 points to 3,583. Shares in Spotless Group have falling 4.5 per cent to $1.91. Shares in Macquarie Atlas Roads and Emeco Holdings have also sagged at midday.
New Zealand: The NZSX50 has gained 7 points. Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock up 1.26 per cent at $2.005 followed by Fletcher Building, Westpac and AMP.
Gold and the dollar: Gold is trading at $US1427 an ounce and the Aussie dollar is buying 99.59 US cents.
