The Australian share market is 0.4 per cent up at noon, following European stocks higher as US markets stayed closed for the Martin Luther King Jr public holiday on Monday. The local bourse has hit a 20-month high as investors await an announcement from the Bank of Japan which is expected to unveil further stimulus measures.
The S&P/ASX 200 index has rallied 17 points and is sitting at 4,794.
On the futures market the SPI is 18 points higher.
Company news Shares in National Australia Bank Limited
(ASX:NAB) have pulled back from yesterday’s gains after a potential suitor for its UK assets said it was not interested. Reports emerged yesterday claiming Spanish bank Santander is considering offering NAB $3 billion for its loss-making UK operations. Santander has since denied it is in talks with NAB and says it is instead focused on organic growth in the UK. Shares in National Australia Bank have dipped 0.3 per cent and are trading at $26.77.
Shares in Mirvac Group
(ASX:MGR) have lifted after announcing a restructure to its executive leadership team. The real estate investor believes the changes will enable the company to target and form new capital partnerships and return maximum value to shareholders. New Managing Director Susan Lloyd-Hurwitz says the renewed structure ensures Mirvac has an efficient and integrated approach. Shares in Mirvac Group have lifted 0.96 per cent and are trading at $1.57.
Best and worst performers All major sectors are trading higher: The best performing sector is industrials gaining 26 points to 3,674. Shares in Emeco Holdings Limited
(ASX:EHL) have risen 4.55 per cent and trading at $0.69. Shares in GWA International Limited and
(ASX:GWA) and Boart Longyear Limited
(ASX:BLY) are also stronger.
The sector with the smallest gains is consumer discretionary, adding 2 points to 1,429. Shares in Ardent Leisure Group
(ASX:AAD) have fallen 1.63 per cent, trading at $1.51. Shares in Seven West Media Limited
(ASX:SWM) and Ten Network Holdings Limited
(ASX:TEN) are also lower.
Gold and the dollar
Gold is trading at $US1,689 an ounce.
The Australian dollar is buying $US1.051.
