The Aussie sharemarket jumped almost 1.5 per cent at open on the back of a weekend of political developments in Italy and Greece and is up about 0.8 per cent at midday.
The S&P/ASX200 index is up 39 points and is 4,335. On the futures market the SPI is 43 points up.
Company news
Beach Energy Limited (ASX:BPT) is seeking to remove the remaining members of the Adelaide Energy (ASX:ADE) board now that it holds a 60.93 per cent interest. It launched a $94 million hostile takeover bid for Adelaide Energy last week. The oil and gas company has requested Adelaide Energy call a general meeting at which the existing Adelaide Energy directors could be removed, and Beach says the new directors would then be appointed. Shares in Beach Energy Limited (ASX:BPT) are up 3.91 per cent and are trading at $1.33.
Stockland (ASX:SGP) is funding its share buy-back with the sale of its Melbourne office tower Riverside Plaza to Dexus Wholesale Property Fund for $201.5 million. Stockland bought the tower in 2000 and has refurbished 60 per cent of its floors over the past four years. The property group says allowances for outstanding incentives totalling $7.9 million will be paid to Dexus. Shares in Stockland (ASX:SGP) are trading 0.76 per cent higher at $3.335.
Best and worst performers
The best performing sector is energy, rising 233 points to 14,311. Shares in Paladin are up 3.36 per cent at $1.545, Nexus and Austin Exploration are also higher at midday.
The worst performing sector is consumer staples, falling 1 point to 7,746. Shares in Woolworths are down 0.32 per cent at $24.76. Shares in Coca-Cola and Fosters follow.
New Zealand
The NZSX50 has lifted 17 points. Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock down 0.19 per cent to $2.69 followed by ANZ, Fletcher Building and Westpac.
Gold and the dollar
Gold is trading at $US1,791 an ounce and the Australian dollar is buying $US1.0308.
