The Australian share market opened at its highest point for the year following overnight lifts in both European markets and on Wall Street, but has tapered gains slightly to be 0.3 per cent up at noon.
The S&P/ASX 200 index is 15 points up at 4,591. On the futures market the SPI is 15 points up.
Economic news
The Westpac and Melbourne Institute’s index of consumer sentiment fell in December, retreating from a 19 month high the previous month. The index fell 4.1 per cent to 100 in the month, falling below the plus 100 reading which indicates consumer optimism.
Company news
Webjet Limited
(ASX:WEB) will purchase one of its competitors, online travel agence Zuji, for $25 million. Webjet aims to fund the purchase via a capital raising, through the placement of just under 7 million new discounted shares and expects to complete the deal in the first quarter of 2013. Zuji operates in Hong Kong, Singapore and Australia. Shares in Webjet last traded at 3.83.
Goodman Group
(ASX:GMG) stake holder, China’s sovereign wealth fund CIC has reportedly offloaded a 6.9 per cent stake in the group.
According to Fairfax reports the deal is worth $519.2 million, with CIC selling off 116.7 million shares at $4.45 per share. Shares in Goodman Group are trading down 3.59 per cent at $4.42.
Best and worst performers The best performing sector is Healthcare gaining 228 points to 11,688. Shares in CSL Limited
(ASX:CSL) have risen 2.67 per cent and trading at $54.57. Shares in Sonic Healthcare Limited
(ASX:SHL) and ResMed Inc.
(ASX:RMD) are also performing well so far today.
The worst performing sector is Real Estate Investment Trusts, falling 10 points to 973. Shares in Goodman Group
(ASX:GMG) have fallen 3.27 per cent, trading at $4.44. Shares in DEXUS Property Group
(ASX:DXS) and Stockland
(ASX:SGP) are also lower at midday.
Gold and the dollar
Gold is trading at $US1,710 an ounce and the Australian dollar is buying $US1.053.
