The Aussie sharemarket’s 1.37 per cent higher at midday, all sectors except consumer staples are in positive territory.
The S&P/ASX200 index is up 49 points and is 4,252. On the futures market the SPI is 67 points higher.
Economic news
The Bureau of Statistics says the trend estimate for the total value of housing finance commitments excluding alterations and additions, as well as owner occupied housing commitments and investment housing commitments, were both flat for October compared with September. In seasonally adjusted terms, the total value of housing finance commitments excluding alterations and additions fell 2.5 per cent. But the number of home loans granted rose a seasonally adjusted 0.7 per cent to 51,981, from a downwardly revised 51,639 in September.
The trend estimate of the balance on goods and services was a surplus of $2,156 million in October, a rise of $9 million on the surplus in September. In seasonally adjusted terms, the balance on goods and services was a surplus of $1,595 million in October, a fall of $654 million on the surplus in September 2011.
Company news
Aston Resources Limited (ASX:AZT) and Whitehaven Coal Limited (ASX:WHC) have inked a $5.1 billion merger deal, making the new entity the largest strictly coal producer listed in Australia. Whitehaven has offered 1.89 of its shares for each Aston share, giving its offer a current value of $11 per Aston share, or a 13 per cent premium to its closing price on Friday. Shares in Aston are flat at $9.76.
Ausenco Limited (ASX:AAX) has signed off on a comprehensive debt refinancing package, increasing the group’s bank facility limit to $136 million from $104 million, extending bonding and security components, and refinancing the debt bullet due in January. Chief executive Zimi Meka says the package ensures the company’s in the best position to capitalise on global growth opportunities. Shares in Ausenco are trading 1.82 per cent higher at $2.80.
Best and worst performers
The best performing sector is energy, rising 267 points to 13,686. Shares in Golden Gate are up 5 per cent at 2.1 cents, Norwest and Beach are also higher at midday.
The worst performing sector is consumer staples, down 42 points to 7,582. Shares in Goodman are down 1.9 per cent at 51.5 cents. Shares in Coca-Cola and Woolworths are both higher.
New Zealand
The NZSX50 has gained 1 point. Taking a look at the top four stocks by turnover, Telecom’s down 0.95 per cent to $2.095 followed by Telstra, Chorus and Fletcher Building.
Gold and the dollar
Gold is trading at $US1,715 an ounce and the Australian dollar is buying $1.01.84 US cents.
