The Australian sharemarket edged surprisingly higher at noon, despite rattled nerves after a strong aftershock in Japan this morning. The local market is defying the gloom with the help of stronger metal prices.
The S&P/ASX200 index has added 18 points and is 4,926 at noon. On the futures market the SPI is 8 points higher.
Company news: ASX Ltd (ASX:ASX) and Singapore Exchange Ltd have terminated the merger implementation. The move comes after Treasurer Wayne Swan formally rejected the proposed $8 billion takeover, saying it was not in the national interest. ASX said it would continue to evaluate strategic growth opportunities, including further dialogue with SGX on other forms of cooperation. Shares in ASX Ltd have re-commenced trading, slipped 0.21 per cent and are trading at $33.41 at noon.
The Full Federal Court of Australia has rejected the Australian Tax Office’s appeal that Foster's Group Ltd (ASX:FGL) needed to pay as much as $850 million. The money related to refinancing of the Elders Finance Group in the 1980s and 1990s. The ATO has 28 days to appeal to the High Court of Australia. It’s being seen as a major win for Foster’s, the beverage maker is involved in a further two tax fights. Shares in Foster’s have risen 0.88 per cent and are trading at $5.75 at midday.
To the best and worst performers: The best performing sector is Energy, firming 209 points to 17,537. Shares in Aurora Oil & Gas Ltd have advanced 1.85 per cent and trading at $2.75. Shares in Santos Ltd and Woodside Petroleum Ltd have also improved at midday. The worst performing sector is Telco Services falling 10 points to 960. Shares in Hutchison Telecommunications have dropped 1.1 per cent to $0.09. Shares in Telstra Corporation Ltd and Telecom Corp of New Zealand (Australia) are also lower at noon.
To New Zealand: The NZSX50 has risen 3 points. Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock up 0.11 per cent at $9.36 followed by Telecom Corporation of New Zealand, Westpac and ANZ.
Gold and the dollar: Gold is trading at $US1,460 an ounce and the Aussie dollar is buying $US1.0485 cents.
