Having received positive overseas leads, the Australian share market has firmed 0.3 per cent. Telco’s, utilities and financials are all making gains, and most sectors are trading in positive territory. Energy stocks and property trusts are lower at noon.
The S&P/ASX200 index has added 10 points and is 4,653 at noon. On the futures market the SPI is up 9 points.
Company news: Shares in Mantra Resources Ltd (ASX:MRU) have surged, after the uranium miner backed a downwardly revised takeover offer from Russian uranium company ARMZ. Following the nuclear crisis that hit Japan, ARMZ pulled out of its bid for Mantra but has again entered the running by lowering its offer by 12.3 per cent to $944 million, down from the original $1.2 billion bid. Before Japan’s earthquake and nuclear crisis Mantra shares were trading at $7.84, which fell to $5.29 before yesterday entering into a trading halt. Today shares in Mantra Resources today have soared 26.09 per cent and are trading at $6.67.
Shares in TPG Telecom Ltd (ASX:TPM) have jumped after the telecommunications company announced double-digit growth in first half net profit and revenue, and, upgraded its full year guidance. In the six months to 31 January 2011 TPG Telecom’s net profit rose 23 per cent to $34 million. Revenue lifted 15 per cent to $278 million. The company attributes the result to strong organic subscriber growth, margin improvements and the first half-year contribution from PIPE Networks. Full 2011 earnings are now expected to reach between $225 million and $230 million. TPG Telecom Ltd (ASX:TPM) have climbed 6.99 per cent at noon and shares are trading at $1.455.
Best and worst performers: The best performing sector is Utilities, rising 56 points to 4,122. Shares in AGL Energy have improved 2.26 per cent and trading at $14.04. Shares in SP AusNet and Envestra have also risen at midday. The worst performing sector is Real Estate Investment Trusts, dropping 4 points to 850. Shares in Charter Hall Group have falling 3.09 per cent to $2.51. Shares in Commonwealth Property Office Fund and Westfield Retail Trust have also sagged at midday.
New Zealand: The NZSX50 has gained 20 points. Taking a look at the top four stocks by turnover, Westpac is at the top of the list with stock up 2.42 per cent at $31.75 followed by Fletcher Building, Telecom Corporation of New Zealand and AMP.
Gold and the dollar: Gold is trading at $US1427 an ounce and the Aussie dollar is buying $US1.0046 cents.
