Despite positive leads from Wall Street it has been a lacklustre session so far for the local share market, opening in negative territory and continuing to struggle for direction; currently tracking 0.35 per cent lower at noon. The market is currently being dragged down by the materials and energy sectors with losses in the big miners BHP and Rio Tinto. It has also been a sluggish session for the big four banks with NAB dropping more than 2 per cent.
The S&P/ASX 200 index is 17 points lower at 4,989. On the futures market the SPI is 40 points higher.
Greencross Limited (ASX:GXL)
says a non-binding indicative proposal by TPG to acquire all of the remaining shares in Greencross at $6.45 per share, is highly conditional and undervalues the company. The pet care company says it has also received expressions of interest and indicative proposals from other third parties. Shares in Greencross are trading up 2.06 per cent at $6.95.
AWE Limited (ASX:AWE)
has entered into an agreement to sell its 10 per cent working interest in the Sugarloaf project to US-based Carrier Energy Partners II for US190 million before tax. CEP II is a private oil and gas company based in Texas. AWE has already received a deposit of USD14 million. Shares in AWE are trading up 36.11 per cent at $0.49.
Best and worst performers
The best performing sector is REITs, gaining 1.3 per cent to 1,306. Shares in Dexus Property have risen 1.92 per cent and trading at $7.42. Shares in GPT Group and Charter Hall are also stronger.
The worst performing sector is Energy, falling 1.28 per cent to 7,149. Shares in Worley Parsons have fallen 6.97 per cent, trading at $3.47. Shares in Beach Energy and Origin Energy are also lower.
Gold and the dollar
Gold is trading at $US1,121 an ounce.
The Australian dollar is buying $US0.7034.