Following mixed offshore leads, the Australian share market is flat at noon. Local stocks edged higher this morning, shadowing US stocks which had modest gains on the back of stronger than expected employment data.
The S&P/ASX 200 index is trading steady at 4,439. On the futures market the SPI is 6 points higher.
Economic newsThe Australian Bureau of Statistics has reported that retail spending rose 0.2 per cent in August, lower than an expected 0.4 per cent rise. Retail trade increased to a seasonally adjusted $21.45 billion in August, slightly higher than the June figure.
Company news
Elders Limited
(ASX:ELD) has denied receiving a formal merger proposal from Ruralco Holdings Limited
(ASX:RHL). The agribusiness confirmed it had received a short confidential letter raising the potential of a transaction opportunity between the two companies, but says the letter was conceptual in nature. Elders says it will consider and evaluate any detailed proposal it receives from Ruralco, but has not received any further correspondence since the initial letter. Shares in Elders are trading up 3.85 per cent at $0.27.
Centro Retail Australia Ltd
(ASX:CRF) has confirmed it’s in talks with super fund ISPT to sell 50 per cent stakes in some of its shopping centre assets. The potential deal, valued at about $400 million, would include half stakes in five shopping centres. Centro says it is in early talks regarding the deal, and will make further announcements if a binding agreement eventuates. According to News Corp reports, if the latest deal goes ahead Centro will have raised just under $1.1 billion from two joint venture sales in under a year. Shares in Centro Retail are trading 0.47 per cent higher at $2.15.
Best and worst performersThe best performing sector is Financials excluding real estate investment trusts gaining 43 points to 5,291. Shares in FKP Property Group
(ASX:FKP) have risen 3.06 per cent and trading at $0.25. Shares in Westpac Banking Corporation
(ASX:WBC) and ANZ Banking Group
(ASX:ANZ) are also stronger.
The worst performing sector is Materials, falling 136 points to 9,910. Shares in Intrepid Mines Limited
(ASX:IAU) have fallen 5.1 per cent, trading at $0.47. Shares in Newcrest Mining Limited
(ASX:NCM) and Fortescue Metals Group Limited
(ASX:FMG) are also lower at midday.
Gold and the dollarGold is trading at $US1,780 an ounce and the Australian dollar is buying $US1.02.
