The Australian sharemarket is trading in positive territory at midday, investors begin to look past the barrage of bad news plaguing international markets. The energy sector is performing strongly, with natural gas and oil companies leading the charge.
The S&P/ASX200 index has risen 25 points and is 4,725 at noon. On the futures market the SPI is 24 points higher.
Company news: Brambles Ltd (ASX:BXB) says it has received final approval from the US regulator to purchase IFCO Systems NV. The $11.24 billion purchase of the plastic container pooling service has been approved by the US Federal Trade Commission. Brambles expects to complete the purchase of IFCO shares by April 4, ahead of schedule. Shares in Brambles have fallen 1.56 per cent and are trading at $6.92 at noon.
Australia and New Zealand Banking Group (ASX:ANZ) has opened another branch in western China. The Mayor of Chongqing and chief executive Mike Smith opened the branch. ANZ has another bank on the outskirts of Chongqing. The new ANZ branch will provide cash management, trade and supply chain and relationship banking services in local and foreign currency. Shares in ANZ have firmed 0.13 per cent and are trading at $23.32 at midday.
To the best and worst performers: The best performing sector is Energy, rising 341 points to 16,887. Shares in Woodside Petroleum have improved 3.29 per cent and trading at $47.06. Shares in Paladin Energy and Santos have also risen at midday. The worst performing sector is Real Estate Investment Trusts, dropping 4 points to 861. Shares in Mirvac Group have fallen 2.39 per cent to $1.225. Shares in Westfield Group and Stockland have also slipped at midday.
To New Zealand: The NZSX50 has gained 5 points. Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock up 0.34 per cent at $8.98 followed by Westpac, Telecom Corporation of New Zealand and ANZ.
To gold and the dollar: Gold is trading at $US1,432 an ounce and the Aussie dollar is buying $US1.02 cents.
