Advertisement
Advertisement
Advertisement
At midday the S&P/ASX200 index was up 66 points, while the All Ordinaries added 62.
US stocks rose on Thursday as cooling oil prices helped ease inflation concerns. Technology stocks also surged as billionaire investor Carl Ichan stepped up his bid to oust the board of Yahoo, in an effort to reignite Microsoft’s takeover plans for the internet giant.
At close of trade, the Dow Jones Industrial Average was up 94 points, while the tech-heavy Nasdaq surged 37.
In Asian trading today, Japan’s Nikkei was up 21 points at midday, while Hong Kong’s Hang Seng gained 159.
Making news on the ASX this morning was agricultural services company GrainCorp, who have announced a $415 million takeover bid for animal feed maker Ridley Corporation.
GrainCorp is offering one of its shares for every nine Ridley shares owned, equating to about $1.39 per share; a nine cent premium to Ridley’s close yesterday.
GrainCorp, which is looking to consolidate its position as Australia’s leading handler and supplier of agriproducts, said it has already secured about 19 per cent of the company through pre-bid acceptances. Shares in Ridley rose more than three per cent on the news.
In other news, shares in the world’s biggest miner BHP Billiton rose by more than four per cent this morning, following renewed speculation that Chinese interests are looking to buy a stake in the group.
The Australian newspaper reported that Chinese interests have approached a major Australian superannuation fund to partner a 50/50 swoop on a nine per cent stake of the miner. Neither the Chinese interest nor the Australian fund were named in the report, which didn’t cite any sources. Shares in BHP hit a record $50 per share this morning.
Finally, automotive parts maker Pacifica Group today issued a gloomy address to shareholders at its AGM, saying it was unable to provide a full year forecast due to challenging market conditions.
In February, Pacifica said that its operating earnings would remain under considerable pressure in 2008, and today chairman Peter Delhey said that the picture in North America, where it holds major contracts with General Motors, had since deteriorated. Shares in the company were flat at midday today.
In share price movements on the ASX this morning, resource stocks led the market. At midday BHP Billiton was up $1.57, Fortescue Metals added six cents, Rio Tinto added $2.62, and Woodside Petroleum gained 68 cents.
Banking stocks also gained in morning trade. At noon, ANZ was up 76 cents, Commonwealth Bank added 40, National Australia Bank put on 56 cents, and Westpac gained 13.
Other blue chips followed the market higher. At noon, AMP was up nine cents, News Corp put on 13, Telstra gained four cents, while Woolworths added 39.
US stocks rose on Thursday as cooling oil prices helped ease inflation concerns. Technology stocks also surged as billionaire investor Carl Ichan stepped up his bid to oust the board of Yahoo, in an effort to reignite Microsoft’s takeover plans for the internet giant.
At close of trade, the Dow Jones Industrial Average was up 94 points, while the tech-heavy Nasdaq surged 37.
In Asian trading today, Japan’s Nikkei was up 21 points at midday, while Hong Kong’s Hang Seng gained 159.
Making news on the ASX this morning was agricultural services company GrainCorp, who have announced a $415 million takeover bid for animal feed maker Ridley Corporation.
GrainCorp is offering one of its shares for every nine Ridley shares owned, equating to about $1.39 per share; a nine cent premium to Ridley’s close yesterday.
GrainCorp, which is looking to consolidate its position as Australia’s leading handler and supplier of agriproducts, said it has already secured about 19 per cent of the company through pre-bid acceptances. Shares in Ridley rose more than three per cent on the news.
In other news, shares in the world’s biggest miner BHP Billiton rose by more than four per cent this morning, following renewed speculation that Chinese interests are looking to buy a stake in the group.
The Australian newspaper reported that Chinese interests have approached a major Australian superannuation fund to partner a 50/50 swoop on a nine per cent stake of the miner. Neither the Chinese interest nor the Australian fund were named in the report, which didn’t cite any sources. Shares in BHP hit a record $50 per share this morning.
Finally, automotive parts maker Pacifica Group today issued a gloomy address to shareholders at its AGM, saying it was unable to provide a full year forecast due to challenging market conditions.
In February, Pacifica said that its operating earnings would remain under considerable pressure in 2008, and today chairman Peter Delhey said that the picture in North America, where it holds major contracts with General Motors, had since deteriorated. Shares in the company were flat at midday today.
In share price movements on the ASX this morning, resource stocks led the market. At midday BHP Billiton was up $1.57, Fortescue Metals added six cents, Rio Tinto added $2.62, and Woodside Petroleum gained 68 cents.
Banking stocks also gained in morning trade. At noon, ANZ was up 76 cents, Commonwealth Bank added 40, National Australia Bank put on 56 cents, and Westpac gained 13.
Other blue chips followed the market higher. At noon, AMP was up nine cents, News Corp put on 13, Telstra gained four cents, while Woolworths added 39.
