The Australian sharemarket is up almost one per cent at midday, news of takeover talks for Pacific Brands have lifted retail shares, and all sectors except healthcare are performing positively.
The S&P/ASX 200 index has gained 37 points and is 4,142. On the futures market the SPI is 42 points higher.
Economic news
Building approvals rose in November, but still fell short of analyst expectations. The Australian Bureau of Statistics says the number of dwellings approved in the month rose a seasonally adjusted 8.4 per cent to 11,424, after an unexpected 10.7 per cent dive in October.
Company news
Ramelius Resources Limited
(ASX:RMS) says production and sales were lower in the December quarter, but has forecast improvements for the first quarter of this year. The gold miner produced 5,493 ounces of gold in the three months to December 31, compared with 26,668 the year before and 15,601 in the September quarter. Ramelius Resources shares are trading 1.38 per cent higher at $1.10.
Austal Limited
(ASX:ASB) has confirmed a contract for a fourth wind farm support veseel for Turbine Transfers Limited. The global defence prime contractor says the order is the first for a new design, enabling safer and more efficient offshire wind turbine service. Austal shares are trading 2.33 per cent weaker at $2.10.
Best and worst performers
The best performing sector is materials, gaining 149 points to 10,878. Shares in Perseus have risen 7.06 per cent and are trading at $2.73. Shares in Cape Lambert and Alumina are also strong.
The worst performing sector is healthcare, it dropped 16 points to 7,911. Shares in Phylogica have lost 2.33 per cent and trading at 4.2 cents. Shares in Sigma Pharmaceuticals and Mesoblast are also lower.
New Zealand
The NZSX50 is down six popints. The top four stocks by turnover, Telecom Corporation of NZ is at the top of the list with stock up 2.02 per cent to $2.025, followed by Fletcher Building, Chorus and AMP.
Gold and the dollar
Gold is trading at $US1,613 an ounce and the Australian dollar is buying $US1.0257.
