The Australian sharemarket was up more than 0.4 per cent at midday after a brief at open, with energy and telcos leading the gains.
The S&P/ASX200 index is up 14 points to 4,022 at noon. On the futures market the SPI is up 22 points.
Economic news
House prices in our capital cities dropped a seasonally-adjusted 0.4 per cent for August. RP Data-Rismark figures show the total value over the last year has dropped 3 per cent.
Company news
Anvil Mining (ASX:AVM) has had a $1.31 billion takeover offer from China’s Minmetals Resources. The offer for the copper producer, based in the Democratic Republic of Congo, is pitched at a 39 per cent premium to Anvil’s share price and has been recommended by Anvil’s board. Anvil Mining (ASX:AVM) shares are up 31.9 per cent and are currently trading at $7.65.
Fortescue Metals Group (ASX:FMG) said its production has been strong for its fiscal first of 2011-2012. The miner has seen the highest number of shipment ever achieved, and said it is still selling all its production with no cancellations or deferral of cargoes. Fortescue Metals Group (ASX:FMG) shares have risen 3.71 per cent and are trading at $4.615.
Best and worst performers
The best performing sector is energy, gaining 229 points to 12,559. Shares in Paladin have added 3.42 per cent and are trading at $1.21. Shares in Santos and Woodside are also higher.
The worst performing sector is healthcare, falling 88 points to 7,595. Shares in Cochlear have dropped 3.86 per cent and are trading at $46.34 Shares in Mesoblast and Sigma are also weaker.
New Zealand
The NZSX50 has gained 33 points. The top four stocks by turnover are Telecom Corporation of New Zealand with stock 3.33 per cent higher at $2.63.5 followed by Westpac, Fletcher Building, and Sky City Entertainment.
Gold and the dollar
Gold is trading at $US1,630 an ounce and the Australian dollar is buying US97.91 cents.
