Following a strong close on Wall Street the Australian share market rose 1 per cent at open, but pulled back slightly after the ABS released building approvals data. Most sectors are making gains, led by the major banks and miners.
Figures
The S&P/ASX200 index has risen 23 to 4,286 points. On the futures market the SPI is 27 points higher.
Economic news
The Australian Bureau of Statistics has reported that Australian residential building approvals increased less than expected, gaining 1 per cent to12,227 in July. Over the year to July approvals have declined 15 per cent.
Company news
Takeover target Macarthur Coal Limited (ASX:MCC) has backed the sweetened $4.9 billion bid from Peabody Energy and ArcelorMittal. The Queensland focused coal miner has today asked shareholders to accept the revised offer. Peabody and ArcelorMittal have increased their original offer of $15.50 to $16 per share and will also pay Macarthur's $0.16 per share dividend, bringing the total value of the bid to $16.16 per share. Shares in Macarthur Coal are 0.76 per cent higher, trading at $15.92.
Count Financial Limited (ASX:COU) has placed its shares in a trading halt, it says, pending an announcement relating to a possible control transaction. The financial planning firm has requested the halt until it makes an announcement or the opening of trade this Thursday September 1, 2011. Just yesterday Count Financial announced that it had more than doubled its annual net profit, generating a record $52 million in fiscal 2011. Shares in Count Financial last traded at $1.06 cents before entering into a trading halt.
Best and worst performers
Most sectors are trading on positive ground: The best performing sector is Financials Excluding Real Estate Investment Trusts, advancing 47 points to 4,580. Shares in Macquarie Group have risen 3.09 per cent and trading at $25.66. Shares in AMP and National Australia Bank are also stronger. The worst performing sector is Utilities easing 22 points to 4,529. Shares in AGL Energy have dropped 1.21 per cent and trading at $15.55. Shares in Energy World Corporation and Spark Infrastructure are also down.
New Zealand
The NZSX50 is 23 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 the stock easing 0.72 per cent at $2.745 followed by Fletcher Building, ANZ and Sky City Entertainment Group.
Gold and the dollar
Gold is trading at $US1,798 an ounce. The Australian dollar is buying $US1.0667.
