Following positive leads from Wall St, the Australian share market opened sharply higher and is 0.4 per cent stronger at noon. Energy stocks are leading the gains with materials dragging on the market after commodity prices slipped overnight.
Figures
The S&P/ASX 200 index is 22 points higher at 5,476. On the futures market the SPI is 22 points stronger.
Company news
Bullabulling
(ASX:BAB) has responded to the proposed takeover by Norton Gold Fields Limited
(ASX:NGF) recommending shareholders take no action as the current Norton Offer price does not adequately reflect the value of Bullabulling Gold.
The unsolicited takeover offer was received by Bullabulling after the market closed on Thursday. Bullabulling says it has appointed Gresham Advisory Partners as corporate advisors and Herbert Smith Freehills as legal advisors to assist the company in a formal response to the offer. The Directors say they are looking to maximise shareholder value and will keep shareholders fully aware of further developments via the company website. Shares in Bullabulling Gold have soared 27.78 per cent higher at $0.07
Leighton Properties
(ASX:LEI) says it’s 50/50 joint venture sale with Devine Limited
(ASX:DVN) to offload their Hamilton harbour retail building has reached unconditional status. The buildings are under contract to 360 Office Capital Fund for $62 million in a deal announced back in December.
Shares in Leighton are softened 0.15 per cent to $19.79.
Best and worst performers
The best performing sector is Energy gaining 165 points to 14,046. Shares in AWE Limited have risen 3.81 per cent to $1.57. Shares in Karoon Gas and Drillsearch Energy are also stronger.
The worst performing sector is Materials, falling 15 points to 10,237. Shares in Evolution have fallen 6.18 per cent, trading at $0.83. Shares in Resolute Mining and Northern Star Resources are also lower.
Gold and the dollar
Gold is trading at $US1,287 an ounce
The Australian dollar is buying US93.37c
