Defying a weak lead from Wall St, the Australian share market has started the week 0.2 per cent higher. Energy stocks have rallied to the best performing sector at midday, with Woodside Petroleum Ltd (ASX:WPL) advancing amid renewed takeover talk.
The S&P/ASX200 index has added 8 points and is 4,948 at noon. On the futures market the SPI is flat.
Company news: Shares in Woodside Petroleum jumped over 7 per cent this morning after reports surfaced over the weekend that BHP Billiton Ltd (ASX:BHP) is about to swoop on Royal Dutch Shell’s unwanted 24.3 per cent stake in the oil and gas producer. Western Australia’s Premier Colin Barnett again spoke out against a potential purchase from BHP today telling an energy conference in Perth, "hands-off Woodside." Shares in Woodside Petroleum have rallied 5.44 per cent and are trading at $49.83 at midday.
Origin Energy Ltd (ASX:ORG) has announced that it has completed the syndication of a $2.15 billion and US$350 million bank debt facility with a term of between three and five years. After the syndicated facility was launched, and following strong demand, Origin has accepted $500 million of oversubscriptions from Australia and New Zealand Banking Group (ASX:ANZ) and National Australian Bank Ltd (ASX:NAB). The syndicate was set up to partially fund its acquisition of the New South Wales energy assets and refinance maturing debt obligations. Shares in Origin are 1.72 per cent higher and trading at $17.17.
Best and worst performers: The best performing sector is Energy, rising 467 points to 17,943. Shares in Roc Oil have lifted 5.49 per cent and trading at $0.48. Shares in Woodside Petroleum and Carnarvon Petroleum have also gained at midday. The worst performing sector is Health Care falling 138 points to 9,049. Shares in Primary Health Care have dropped 2.47 per cent and are trading $3.55. Shares in CSL and Cochlear are also lower at noon.
To New Zealand: The NZSX50 has risen 14 points. Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock up 1.39 per cent at $9.50 followed by Telecom Corporation of New Zealand, ANZ and Westpac.
Gold and the dollar: Gold is trading at $US1,475 an ounce and the Aussie dollar is buying $US1.0553 cents.
