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At midday the S&P/ASX200 index was up 41 points, while the All Ordinaries added 50.
US stocks were flat on Friday as a rise in energy shares was offset by the release of data showing consumer confidence is at a 28-year low.
At Friday’s close, the Dow Jones Industrial Average was down by five points, while the tech-heavy Nasdaq slipped four.
In Asian trading today, Japan’s Nikkei was up 13 points at midday, while Hong Kong’s Hang Seng gained 21.
Making news on the ASX this morning was QBE Insurance Group, which announced that it raised its bid late on Friday for smaller rival Insurance Australia Group, in what it called its final proposal.
QBE’s revised $8.7 billion cash and scrip offer follows IAG’s rejection of its initial offer in mid April. However, QBE said today that IAG still consider the new bid as being below their expectations.
Shares in IAG dropped more than five per cent this morning on speculation QBE may now walk away from the bid. A response from IAG is expected tomorrow after a board meeting in New Zealand.
In other news, the Queensland Government this morning confirmed that it had awarded a $4.8 billion road building project to a consortium made up of Macquarie Group and two Leighton Holdings subsidiaries.
Under the contract the BrisConnections consortium is to construct the $3.4 billion Airport Link toll road, as well as extending Brisbane’s northern busway, and building an airport flyover. All three projects are expected to be completed in mid 2012.
Finally telecommunications services group Hutchison today addressed shareholders at its AGM, saying the company was on track to achieve its full year earnings guidance.
CEO Nigel Dews said that Hutchison’s customer base had grown more than nine per cent in the four months to April, while mobile broadband customers had increased 48 per cent. Mr Dews added that 3G-focussed Hutchison was well placed to benefit from the accelerating migration of customers from 2G to 3G services.
In ASX share price movements this morning, resource stocks led the market. At midday. BHP Billiton was up 96 cents, Fortescue Metals added 34, Rio Tinto added $1.68, and Woodside Petroleum surged $4.62.
Banking stocks also mostly rose in morning trade. At noon, ANZ was up nine cents, Commonwealth Bank added eight, National Australia Bank put on 20 cents but Westpac slipped 43.
Other blue chips were mixed. At noon, AMP was up two cents, News Corp lost 33, Telstra gained a cent, while Woolworths put on 12.
US stocks were flat on Friday as a rise in energy shares was offset by the release of data showing consumer confidence is at a 28-year low.
At Friday’s close, the Dow Jones Industrial Average was down by five points, while the tech-heavy Nasdaq slipped four.
In Asian trading today, Japan’s Nikkei was up 13 points at midday, while Hong Kong’s Hang Seng gained 21.
Making news on the ASX this morning was QBE Insurance Group, which announced that it raised its bid late on Friday for smaller rival Insurance Australia Group, in what it called its final proposal.
QBE’s revised $8.7 billion cash and scrip offer follows IAG’s rejection of its initial offer in mid April. However, QBE said today that IAG still consider the new bid as being below their expectations.
Shares in IAG dropped more than five per cent this morning on speculation QBE may now walk away from the bid. A response from IAG is expected tomorrow after a board meeting in New Zealand.
In other news, the Queensland Government this morning confirmed that it had awarded a $4.8 billion road building project to a consortium made up of Macquarie Group and two Leighton Holdings subsidiaries.
Under the contract the BrisConnections consortium is to construct the $3.4 billion Airport Link toll road, as well as extending Brisbane’s northern busway, and building an airport flyover. All three projects are expected to be completed in mid 2012.
Finally telecommunications services group Hutchison today addressed shareholders at its AGM, saying the company was on track to achieve its full year earnings guidance.
CEO Nigel Dews said that Hutchison’s customer base had grown more than nine per cent in the four months to April, while mobile broadband customers had increased 48 per cent. Mr Dews added that 3G-focussed Hutchison was well placed to benefit from the accelerating migration of customers from 2G to 3G services.
In ASX share price movements this morning, resource stocks led the market. At midday. BHP Billiton was up 96 cents, Fortescue Metals added 34, Rio Tinto added $1.68, and Woodside Petroleum surged $4.62.
Banking stocks also mostly rose in morning trade. At noon, ANZ was up nine cents, Commonwealth Bank added eight, National Australia Bank put on 20 cents but Westpac slipped 43.
Other blue chips were mixed. At noon, AMP was up two cents, News Corp lost 33, Telstra gained a cent, while Woolworths put on 12.
