Following a healthy lead from Wall St, the Australian share market has advanced 0.9 per cent at noon to a fresh three-week high. The best performing sector is materials led by gains in the major miners, boosted by stronger metals and oil prices.
The S&P/ASX200 index has added 41 points and is 4,797 at noon. On the futures market the SPI is 36 points higher.
Company news: Shares in Lynas Corporation Ltd (ASX:LYC) have been placed in a trading halt as the company prepares to announce a strategic agreement and capital raising. The rare earths producer has not as yet indicated the size or structure of the raising. However, Lynas is currently aiming to start production at its Mount Weld rare earths project in Western Australia and has scheduled, also for this year, the first feed of concentrate into the kiln at the Lynas Advanced Materials Plant in Malaysia. Shares in Lynas Corporation last traded at $2.18, before entering into a trading halt.
Shares in Riversdale Mining Ltd (ASX:RIV) rose over two percent in early trade, after its suitor Rio Tinto Ltd (ASX:RIO) confirmed it will pursue its $3.9 billion bid for the Mozambique-focused coal miner, regardless of whether or not it secures a majority stake. Yesterday Rio advised it had secured a 41.5 per cent stake in Riversdale. The offer will remain open until 6 April, but reverts to $16 per share from $16.50 as Rio did not obtain over 50 per cent of acceptances. Shares in Riversdale Mining have gained 1.93 per cent at noon at are trading at $16.41.
Best and worst performers and all are trading in positive territory: The best performing sector is Materials, advancing 192 points to 13,941. Shares in Iluka Resources have lifted 4.56 per cent and trading at $11.92. Shares in Arafura Resources and Gindalbie Metals have also improved at midday. The sector with the smallest gains is Real Estate Investment Trusts, gaining 1 point to 864. Shares in Ardent Leisure have eased 0.68 per cent to $1.45. Shares in Westfield Retail Trust and CFS Retail Property Trust and have also dipped at midday.
To New Zealand: The NZSX50 has lifted 15 points. Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock up 0.65 per cent at $9.23 followed by Telecom Corporation of New Zealand, Sky City Entertainment Group and ANZ.
Gold and the dollar: Gold is trading at $US1418 an ounce and the Aussie dollar is buying $US1.031 cents.
