egolinews.com

Local shares were little changed at lunch as the index strives to stretch gains into an eighth consecutive day. In some respects it was a mirror of yesterday’s market, as banks made modest gains, while the miners retreated.

In the latest NAB business survey out today, business conditions have proven to be strong again, with business confidence at levels seen last November and before that, not since 2002.

Elsewhere, according the ANZ, job ads soared nearly 20% in February, a gain not seen in the 11 year history of the survey.

At noon, the All Ords was up 3.0 to 4,822.6, while the ASX/200 added 5.1 to 4,813.0. Over 1 billion shares worth around $2.3 billion had changed hands.

The Energy sector, which gained 3.7% yesterday, was 0.4% higher as investors booked some profits.

Royal Dutch Shell takeover target Arrow Energy dipped 7c, or 1.4% following the previous sessions 47% rise.

Woodside eased 25c, or 0.6% to $45.00, while Origin firmed 22c, or 1.3% to $17.08.

Oilfield engineering firm WorleyParsons was 2.8% stronger to $25.18.

Much of the coal sector was lower, with Centennial Coal off 1.7%.

Among the miners, BHP Billiton and Rio Tinto drifted lower despite their UK listings growing.

BHP was off 18c, 0.4% to $43.33, while Rio Tinto gave up 56c, or 0.7% to $76.38.

The broader Materials and Resources sector shed 0.6%.

Australia’s third-largest iron ore producer, Fortescue lost 7c, or 1.4% to $4.80 despite RBS raising its price target to $6.41.

Macarthur Coal and OZ Minerals shed 2.3% and 1.7% respectively, while Alumina gave up 2.3%.

NAB led the big four banks, with a gain of 39c, or 1.5%. The others were more subdued, trading around the gain line.

The Banks and Financials sector was 0.3% stronger overall.

IAG shares climbed 7c, or 1.8% to $4.05. The insurer said it had received around 10,000 claims from wild weather in Victoria and Queensland, although it was still too early to estimate a cost.

QBE gained 26c, or 1.3% to $20.92.

The Property Trusts sector eased 0.2%, with heavyweight Westfield edging just 1c higher. It was unable to counter losses of between 0.7% and 1.3% from Dexus, Mirvac, Stockland and GPT Group.

The Consumer Discretionary sector gained 0.5%. Pacific Brands climbed more than 4% for the retailers.

Elsewhere investors shrugged off news Billabong was facing a US$153 million lawsuit from an Indonesian affiliate. Its shares rose 0.8%.

Gamer Centrebet shares were up 15.5c, or 9.5% to $1.785 after saying it was in discussions to be bought out.

Other gamers were more subdued with Aristocrat, Tatts and Crown gaining between 0.9% and 2.1%.

The Consumer Staples sector was 0.3% stronger. Wesfarmers and Woolworths were up 0.4% and 0.6% at $28.04 and $32.74 respectively.

A gain of 0.9% from Coca-Cola was countered by a 0.7% fall in Foster’s shares.

Industrials were a broad mix of gainers and losers. The sector was 0.5% higher.

Virgin Blue extended its recent good run, which has seen its shares rise more than 33% in the last month. Today it tacked on another 3.5% to 73c. Rival Qantas shed 7c to $2.74.

Elsewhere Brambles rallied 2.2%, while Seek put on 1.6%. Rail and port operator Asciano also rose 1.6%.

Telstra was flat at $2.91 as its shares remain rooted around historic lows. The broader Telecommunications sector lost 0.1%.

Around the region, the Nikkei 225 lost 5.1 to 10,580.8, while the NZSE50 dipped 11.9 to 3,210.9. The Straits Times Index gained 3.4 to 2,837.9.

Spot gold was trading at US$1,123.34 per ounce, while the Aussie was buying US$0.9091.

---

Billabong says claim unlikely to impact group
Billabong International said it is the subject of a $53m civil claim requesting compensation in the Denpasar District Court in Indonesia by its former Indonesian licensee, CV Bali Balance, plus US$100m for 'unspecified' damages arising out of the termination. The surfwear retailer said it believes it is highly unlikely that the civil claim would have any material adverse effect on its business or operations outside Indonesia or on the revenue, profitability or financial condition of the Billabong Group as a whole.

At midday, Billabong shares were up 9c to $10.75.

Centrebet a takeover target
Centrebet International's shares are set to climb Tuesday morning after the company said it was facilitating discussions with parties interested in acquiring the Aussie gambling company. Centrebet didn’t elaborate on any details, including value it considered fair for the company, however said it would be business as usual for at least the next few months.

At lunch, Centrebet shares were up 15.5c to $1.785. 

GWA to acquire Brivis Climate Systems
GWA International said it has entered into an agreement with Carrier Air Conditioning Pty Ltd to acquire the business and assets of Brivis Climate Systems for $50 million. The supplier of building fixtures and fittings to households and commercial premises said the acquisition would see the creation of GWA Heating and Cooling, which is expected exceed $200 million per annum in revenue.

At noon, GWA shares were up 4c to $3.27.

Filed under:
Market Watch by egoli