Midday: Aus shares healthy at noon

Market Reports

The Australian share market has heeded strong US leads to extend Friday’s rally and is trading 0.6 per cent higher at noon, with all major sectors higher. Health stocks are leading the way at the moment, bolstered by some strong gains in regenerative giant Mesoblast, which has updated investors on new legislation which provides accelerated approval potential for its stem cell products in Japan.
 
The S&P/ASX 200 index is 31 points higher at 5,367. On the futures market the SPI is 30 points up. 
 
Company news 
 
Warrnambool Cheese & Butter Factory Co. (ASX:WCB) has received an increased takeover offer from Canadian dairy giant Saputo and the WCB board has recommended shareholders accept it. Saputo will lift its offer price to $9.20 per WCB share, conditional on reaching a relevant interest of more than 50 per cent in the target during the offer period, which closes on December 13. Shares in WCB are trading 2.21 per cent higher at $9.25. 
 
DEXUS Property Group (ASX:DXS) has announced the termination of the process agreement between itself, Commonwealth Managed Investments and the Canada Pension Plan Investment Board, in pursuit of a takeover of Commonwealth Property Office Fund (ASX:CPA), after failing to match a rival bid from GPT Group (ASX:GPT). Dexus says while it remains strongly committed to take over all remaining CPA shares, the competing offers have a significant scrip component and it remains too early to respond. Shares in Dexus are trading 1.91 per cent higher at $1.06. 
  
Best and worst performers

The best performing sector is Healthcare gaining 157 points to 14,216. All major sectors are up. Shares in Mesoblast limited (ASX:MSB) have risen 3.24 per cent and trading at $6.05. Shares in Sonic Healthcare Limited (ASX:SHL) and Sirtex Medical Limited (ASX:SRX) are also stronger. 
 
The sector with the fewest gains is Real Estate Investment Trusts, adding 11 points to 1,032. Shares in Federation Centres Limited (ASX:FDC) have fallen 0.84 per cent, trading at $2.35. Shares in Charter Hall Retail REIT (ASX:CQR) are lower while Shopping Centers Australasia Property Group Limited (ASX:SCP) shares are flat. 
 
Gold and the dollar

Gold is trading at $US1,242 an ounce and the Australian dollar is buying $US0.9188.

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