The Australian share market opened flat but it’s reversed those losses to rise 0.77 per cent at midday, accelerated by promises from German and French politicians of working on a resolution to the debt crisis. They’re planning to unveil a new, comprehensive package for solving the euro zone’s troubles, by the end of the month.
The S&P/ASX200 index is up 27 points to 4,190. On the futures market the SPI is 21 points higher.
Economic news
Australia’s September internet job ads were down 2.2 per cent for the month, according to ANZ figures out today.
Company news
Reports have emerged that Extract Resources Limited (ASX:EXT) may receive a bid of $2.2 billion from Chinese mining giant Guangdong Nuclear Power. Guangdong’s preparing to takeover Extract’s major shareholder Kalahari Minerals and so by default will be forced to bid for Extract. The news has seen Extract’s price soar this morning – it was up 10.21 per cent to $8.86 at 10.15am, but was placed in a trading halt late morning pending a statement to the market it says is in relation to ‘media speculation’.
Carabella Resources (ASX:CLR) has welcomed former BHP Billiton Limited (ASX:BHP) chief development officer Anthony Quin as its managing director. Quin was at BHP for 14 years, and Carabella chairman Andrew Amer said it’s that experience leading large scale corporate transactions that gives him an impressive track record. Quin said he’s joining the company at a critical stage of its development. Shares Carabella Resources (ASX:CLR) shares are up 2.73 per cent at $1.695.
Best and worst performers
Energy is the best performer at midday, up 204 points to 13,537. Shares in Paladin have added 11.29 per cent and trading at $1.725. Shares in Aurora Oil and Linc Energy have also firmed.
Real estate investment trusts is the only sector in the red, dropping 5 points to 773. Shares in Westfield Property have fallen 1.79 per cent and trading at $7.68. Shares in Charter Hall and Stockland have also lost ground.
New Zealand
The NZSX50 has fallen 24 points. 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 1.15 per cent at $2.57 followed by Westpac, Fletcher Building, and ANZ.
Gold and the dollar
Gold is trading at $US1,647 an ounce and the Australian dollar is buying 98.13 US cents.
