Despite soft leads the Australian share market has posted a surprise jump to start the day and hit session highs leading up to midday to be 0.5% higher.
The S&P/ASX 200 index is 21 points up at 4,562. On the futures market the SPI is 20 points higher.
Company news
Ten Network Holdings Limited
(ASX:TEN) has confirmed it has received a new $110 million offer from US based Champ private equity for its outdoor advertising business EyeCorp. The new offer price, from Champ owned Outdoor Media Operations, is 24 per cent lower than the original offer of up to $135 million. Ten says the offer is subject to final negotiation of the revised sale terms between the parties. Shares in Ten are trading up 1.67 per cent at $0.30.
Insurance Australia Group Limited
(ASX:IAG) says it is on track to deliver an improved financial performance in the current fiscal year. CEO Mike Wilkins says the insurer expects to deliver an improved insurance margin of 11 to 13 per cent and gross written premium growth of between 9 and 11 per cent. Mr Wilkins says the company is seeing benefits of the integration of recent acquisition AMI’s integration in New Zealand. Shares in IAG are trading up 1.32 per cent at $4.60.
Best and worst performersThe best performing sector is Real Estate Investment Trusts, gaining 12 points to 976. Shares in Stockland
(ASX:SGP) have risen 2.62 per cent and trading at $3.53. Shares in Commonwealth Property Office Fund
(ASX:CPA) and Westfield Group
(ASX:WDC) are also performing stronger so far today.
The worst performing sector is Utilities, falling 70 points to 4,959. Shares in AGL Energy Limited
(ASX:AGK) have fallen 2.94 per cent and are trading at $14.52 after it cautioned shareholders of anticipated electricity regulation impact. Shares in SP AusNet
(ASX:SPN) and APA Group
(ASX:APA) are also lower at midday.
Gold and the dollarGold is trading at $US1,728 an ounce and the Australian dollar is buying $US1.033.
