After receiving a strong lead from Wall St, the Australian share market has risen 0.7 per cent at noon. Most sectors are in positive territory, lead by gains in health care, banking and resource stocks.
The S&P/ASX200 index has added 35 points to 4,497 at noon. On the futures market the SPI is 42 points higher.
Company news
News Corporation (ASX:NWS) has boosted its digital media assets by paying an estimated $45 million to buy Kidspot. Kidspot operates websites for expectant and new parents and has been purchased by News Corps local arm, News Limited. Media reports speculate that the value of Kidspot is in its growth prospects as it is understood to be generating annual EBITDA of $3 million. Shares in News Corporation have risen 2.39 per cent at noon and are trading at $16.74.
National Australia Bank Ltd (ASX:NAB) has received the thumbs up for its expansion into Asia by Chinese authorities. China's Banking Regulatory Commission has approved NAB’s plans to open its first branch in Shanghai later this year. The branch is expected to support business, corporate and institutional customers operating in China. Shares in National Australia Bank have gained 1.02 per cent at noon and are trading at $24.75.
Sectors
The best performing sector is Health Care, advancing 169 points to 8,236. Shares in Mesoblast have gained 3.05 per cent and trading at $8.44. Shares in Ansell and Biota Holdings are both stronger at noon. The worst performing sector is Consumer Staples easing 34 points to 7,722. Shares in Metcash have dropped 0.48 per cent and trading at $4.11. Shares in Foster’s Group and Woolworths are also weaker at noon.
New Zealand
The NZSX50 is 19 points higher. Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock down 0.41 per cent at $2.445 followed by Fletcher Building, Westpac and ANZ.
Gold and the dollar
Gold is trading at $US1,501 an ounce. The Australian dollar is buying $US1.048 cents.
