The Australian share market has eased 0.2 per cent at noon. Following on from Wall St, volumes have been light as investors take a breather from the recent catastrophic events overseas and lingering uncertainty.
The S&P/ASX200 index has added 3 points and is 4,737 at noon. On the futures market the SPI is up 5 points.
Company news: Murchison Metals Ltd (ASX:MMX) says it did not break any market disclosure rules by delaying the announcement of the estimated capital cost of its Oakajee Port and Rail development in Western Australia. Defending its decision to wait until last week to reveal the extent of the $1 billion blowout, the iron ore miner says it was not required to give notice earlier as the estimate was premature and entirely speculative and so not material to the value of Murchison’s share price. Murchison Metals holds a 50 per cent interest in Oakajee Port and Rail development, together with joint venture partner Mitsubishi Development. Shares in Murchison Metals have fallen 2.87 per cent and are trading at $1.015 at noon.
Shares in ChemGenex Pharmaceuticals Ltd (ASX:CXS) soared more than 50 per cent after the biopharmaceutical development company announced its directors have unanimously backed an all-cash takeover offer from Cephalon Inc. Cephalon is an international biopharmaceutical company and its offer price of $0.70 cash for each ChemGenex is a 59 per cent premium to the company’s last traded price. The latest offer values ChemGenex at around $231 million. Shares in ChemGenex Pharmaceuticals have climbed 53.41 per cent and are trading at $0.675 at noon.
To the best and worst performers: The best performing sector is Telco Services, rising 9 points to 945. Shares in Enerji have improved 10 per cent and trading at $0.022. Shares in Hutchison Telecommunications and Amcom Telecommunications have also risen at midday. The worst performing sector is Real Estate Investment Trusts, dropping 4 points to 861. Shares in Ardent Leisure have eased 3.33 per cent to $1.45. Shares in Dexus Property Group and Charter Hall Group have also sagged at midday.
To New Zealand: The NZSX50 has gained 3 points. Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock down 1.52 per cent at $9.10 followed by Telecom Corporation of New Zealand, Westpac and ANZ.
To gold and the dollar: Gold is trading at $US1418 an ounce and the Aussie dollar is buying $US1.0236 cents.
