The Australian share market received mixed leads this morning following a rise on Wall Street overnight, but a drop in base metal and energy prices.

At 11am the S&P/ASX200 index was down 36 points, while the All Ordinaries fell 33.

US stocks made modest gains on Thursday as a sharp drop in oil prices gave some relief to industrial stocks, and helped ease consumer spending worries.

At the bell, the Dow Jones Industrial Average was up by 34 points, while the Nasdaq Composite added 32.

In Asian trading today, Japan’s Nikkei had slipped three points at 11am, while Hong Kong’s Hang Seng closed yesterday down 528 points.

In ASX news today Melbourne-based gold explorer Indophil Resources today recommended a $540 million all-cash management buyout from a consortium led by Indophil CEO Richard Laufmann.

Laufmann who had teamed up with Hong Kong financial group Crosby Capital, and Alsons Group said the $1.28 per share offer represented a substantial 28 per cent premium to the unsolicited approach from Swiss miner Xstrata which Indophil rebuffed earlier this month.

In other takeover news, FKP Property Group today rejected an unsolicited $1.3 billion approach by Lend Lease, saying the bid significantly undervalued the retirement home company.

Meanwhile in other equities news, property group Mirvac today downgraded its full year profit guidance on substantially deteriorating market conditions, saying it now expects operating profit to June 30 to fall below its previous guidance of 34.3 cents a share.

In its market update Mirvac also downgraded the value of its assets by up to five per cent, citing a slowdown in global and Australian economic conditions. Shares in the group fell more than four per cent on the announcement.

Finally, there was more action today in the red-hot coal seam gas sector with explorer Pure Energy Resources confirming it has raised $15 million to fund a reserve certification program.

Pure Energy is aiming for 2P reserves of 300 petajoules in its Queensland CSG permits. The company raised the funds through a share placement to institutional investors at $1.70 a share, which was heavily oversubscribed.

In individual share price movements on the ASX at 11 am this morning resource stocks were mixed. BHP Billiton was up 16 cents, Fortescue Metals slipped 13, Rio Tinto added 33 cents, while Woodside Petroleum fell $1.51.

The major banks were mainly positive in morning trade. ANZ added 12 cents, Commonwealth Bank put on five, National Australia Bank lost 21 cents, while Westpac added four.

Other blue chips were negative at 11 am. AMP was down 15 cents, News Corp dropped 27, Telstra fell seven cents, while Woolworths lost 37.