Midday: Aus shares up 0.6% at noon

Market Reports

The Australian share market has opened higher this morning with all eyes on the precarious financial bailout in Cyprus.  
 
The S&P/ASX 200 index is up 43 points at 5,011. On the futures market the SPI is 49 points higher. 
 
Company news
 
IT services provider ASG Group Limited (ASX:ASZ) has rejected the 68 cents a share cash offer from US based Lockheed Martin. ASG says the offer substantially undervalues the company and it remains in talks with a number of other potential buyers. Shares in ASG are up 3.57 per cent at 43 cents.  
 
Jatenergy Limited (ASX:JAT) has confirmed it is forging ahead with a $650.000 investment in an Indonesian coal asset. The Geronggang project will take to three the number of projects Jatenergy boasts in Indonesia. Shares in Jatenergy are steady at 3 cents. 
 
Best and worst performers

The best performing sector is Financials excluding REITs gaining 87 points to 6,329. Shares in Macquarie have risen 2.91 per cent and trading at $36.48 Westpac and Challenger are also in front. 
 
The worst performing sector is Telco Services, although its still in front, adding 7 points to 1,564. Shares in Telecom Corporation of NZ have are down 0.28 per cent at $1.79 Shares in Telstra and M2 Telecommunications are actually firmer. 
 
Gold and the dollar

Gold is trading at $US1,606 an ounce.
The Australian dollar is buying $US1.044.