Midday: Aus shares track 0.45 per cent higher at noon

Market Reports

The Australian share market still remains below that crucial 5000 point mark despite opening in positive territory and currently tracking 0.45 per cent higher at noon. Wall Street finished the day in the black thanks to a bounce in the price of oil overnight; but our energy sector hasn’t followed suit with losses in Santos and Woodside. Today it’s the financials space, namely the big banks doing the bulk of the heavy lifting, along with Telstra and CSL. 
 
The S&P/ASX 200 index is 21 points higher at 4,949. On the futures market the SPI is up 28 points.
 
Company news

Evolution Mining Limited (ASX:EVN) has extended its takeover offer for all of the shares in Phoenix Gold by one week, to now close on the 22nd of December. The gold miner says the offer price has been declared as final and will not be increased. The board of Phoenix has unanimously recommended that its shareholders accept the offer, in absence of a superior proposal. Shares in Evolution Mining are trading up 1.03 per cent at $1.48. 
 
Greencross Limited (ASX:GXL) has told its shareholders not to take any action in relation to an approach by an investment bank to acquire an almost 15 per cent interest in the pet care company. Greencross says it has appointed Macquarie Capital and Allier Capital as financial advisers. Shares in Greencross are trading up 27.65 per cent at $5.91. 

Best and worst performers

The best performing sector is Telcos, gaining 1.1 per cent to 1,898. Shares in TPG Telecom have risen 2.12 per cent and trading at $9.89. Shares in Telstra and M2 are also stronger. 
 
The worst performing sector is Materials, falling 0.2 per cent to 6,525. Shares in Oz Minerals have fallen 5.01 per cent, trading at $3.79. Shares in Independence Group and Regis Resources are also lower. 
 
IPOs

PSC Insurance Group Limited (ASX:PSI) started trading today. The insurance business floated with an issue price of $1.00, opened at $1.415 and is currently trading at $1.40. Apiam Animal Health Limited (ASX:AHX) also started trading today. The health care equipment and services company listed with an issue price of $1.00, opened at $1.20 and is currently trading at $1.19.   
 
Gold and the dollar

Gold is trading at $US1,064 an ounce.
The Australian dollar is buying 72.48 US cents.