Australian shares have edged a little higher at noon, with cautious trade ahead of the euro zone summit next week.
The S&P/ASX 200 index has risen 12 points and is 4,240. On the futures market the SPI is 13 points stronger.
Company news
Foster's Group Limited (ASX:FGL) is likely to stop trading today. The brewer has gained approval from the Supreme Court of Victoria to be acquired by SABMiller. The deal will become legally effective as soon as the court lodges the orders with the Australian Securities and Investments Commission, at which time Foster’s shares will be suspended from trading. Shareholders who hold fully paid Foster’s shares at 7pm on Friday, 9 December will be entitled to $5.40 cash per share. Foster's shares have eased 0.19 per cent and are trading at $5.38.
A Qantas Airways Limited (ASX:QAN) pilot has revealed his colleagues in the cockpit are distracted because of ongoing job concerns. Speaking at an Australian Council of Trade Unions event Mr Herson, a member of the Australian and International Pilots Association says pilots are leaving the airline due to job security worries, he also fears a tragic error could occur, putting lives at risk. He told AAP there has been the constant threat of redundancy over the past three years. Qantas shares have gained 0.95 per cent and are trading at $1.595.
Best and worst performers
The best performing sector is Healthcare lifting 87 points to 8,045. Shares in Healthlinx have risen 9.09 per cent and trading at $0.012. Shares in Antisense Therapeutics and CSL are also stronger.
The worst performing sector is Telco Services, falling 2 points to 1,085. Shares in Stratatel have fallen 4.00 per cent and trading at $0.024. Shares in Telecom Corporation of New Zealand and Telstra have also lost ground.
New Zealand
The NZSX50 is 10 points weaker.
Taking a look at the top four stocks by turnover, Chorus is at the top of the list with stock easing 3.75 per cent to $3.08 followed by Telecom Corporation of New Zealand, Fletcher Building and Westpac.
Gold and the dollar
Gold is trading at $US1,742 an ounce and the Australian dollar is buying $US1.023.
