The Australian share market is up at midday after a fairly flat open this morning, with most sectors performing well.
The S&P/ASX200 index has advanced 30 points and is 4,132 at noon. On the futures market the SPI is 44 points stronger.
Company news
Bow Energy Limited (ASX:BOW) has had a $520.5 million cash offer from Shell and PetroChina’s venture, Arrow Energy. The Queensland coal seam gas company has advised shareholders to take no action on the offer. Arrow’s chief executive, Andrew Faulkner, said a future business arrangement would strengthen Arrow’s opportunity to increase the size of its first two LNG trains on Curtis Island. Shares in Bow Energy Limited (ASX:BOW) have jumped 62.71 per cent, trading at $1.44.
Treasury Wine Estates Limited (ASX:TWE) has reported a net profit of $64.1 million for the year, rebounding from last year’s $900 million loss.
Ten of those months were as part of Foster’s Group, the other two were as a standalone company after the wine arm of the brewer demerged on May 9. Chief executive David Dearie says the company’s imperatives in the new year are to build brands, drive growth, and optimise its supply network.
The company will pay a final dividend of six cents per share, franked to 50 per cent. Shares in Treasury Wine Estates (ASX:TWE) have risen 1.89 per cent, trading at $3.23.
Sectors
The best performing sector is Real Estate Investment Trusts, advancing 12 points to 754. Shares in Mirvac have risen 3.37 per cent and trading at $1.075. Shares in Stockland and Goodman Group are also higher.
The worst performing sector at midday is Telco Services, losing 45 points to 1,008. Shares in Telstra are 4.56 per cent lower, trading at $2.93. Shares in iiNet and Telecom NZ are also lower.
New Zealand
The NZSX50 has lost almost one point.
Taking a look at the top four stocks by turnover: Nuplex Industries (NZSX:NPX) is at the top of the list with stock up 10.13 per cent at $2.61 followed by Rubicon Limited (NZSX:RBC); Mercer Group Limited (NZSX:MGL) and Hellaby Holdings Limited (NZSX:HBY).
Gold and the dollar
Gold is trading at $US1,868 an ounce and the Australian dollar is buying $US1.0427 cents.
