Following positive leads the Australian share market has risen amid a series of profit reports and is trading 0.3 per cent up at noon, putting it on track for the fifth straight weekly gain.
The S&P/ASX 200 index has risen 16 points and is sitting at 4,346. On the futures market the SPI is now 22 points higher.
Gas infrastructure business APA Group (ASX:APA) has again sweetened takeover offer for energy infrastructure investor Hastings Diversified Utilities Fund (ASX:HDF), who has already backed a rival bid from Pipeline Partners Australia.
Global miner Rio Tinto Limited (ASX:RIO) has sold $US3 billion of fixed-rate bonds in a range of maturities.
APN News and Media Limited’s (ASX:APN) CEO has described the newspaper publisher’s interim result as difficult, having today reported a $319 million loss after writing down the value of its New Zealand publishing business.
Wine maker Treasury Wine Estates Limited (ASX:TWE) has posted a 40 per cent jump in its full year net profit and says the long term fundamentals of the global wine industry remain positive.
Best and worst performers
The best performing sector is consumer staples gaining 109 points to 8,472. Shares in Treasury Wine Estates Limited (ASX:TWE) have risen 4.07 per cent and trading at $4.60. Shares in Wesfarmers Limited (ASX:WES) and Woolworths Limited (ASX:WOW) are also stronger.
The worst performing sector is telco services, falling 9 points to 1,328. Shares in Telecom Corporation of New Zealand (ASX:TEL) have fallen 2.35 per cent, trading at $2.08. Shares in Telstra Corporation Limited (ASX:TLS) are lower while shares in TPG Telecom Limited (ASX:TPM) are slightly higher.
Gold and the dollar
Gold is trading at $US1,616 an ounce.
The Australian dollar is buying $US1.052.