Regional markets played catch-up this morning after Wall Street pushed back towards 2009 highs overnight.
At lunchtime the ASX 200 was ahead 42 points or 0.91% at 4677 as a broad rally saw all sectors except gold and IT trading higher. Fronting the gains were financials +1.2%, property trusts +1%, health +1 and industrials +1%. Metals & mining and materials were both up +0.9%.
The coal sector was boosted by news of a take-over bid for Gloucester Coal by Macarthur Coal. Macarthur and Gloucester both entered trading halts this morning and details of the bid are expected to be released this afternoon.
News elsewhere around the market was less supportive: profit warnings from Graincorp and Ammtec, and Nufarm shares were placed in a trading halt after Sinochem cut its proposed takeover offer. The Chinese state-owned company reduced its offer to $12 per share from $13 per share, a move that may scupper the deal.
"I don't think the market expected this. It's hard to think that Nufarm would agree to an undervaluing of their business," Macquarie Equities division director Lucinda Chan told Fairfax.
Asian markets were mostly higher. Japan's Nikkei rose 1.02% and Hong Kong's Hang Seng 1% but Shanghai slid 0.58%. Dow futures were a mildly bullish +24.
Crude oil futures continued this week's retreat, down another 26 cents this morning to $72.47 a barrel. The spot gold price edged higher, up $1 at $1,092.70 an ounce.
Frustrating morning. Few opportunities and every time one emerged I was the guy whose bid missed out and was left propping the buy stack. You're all very welcome. Managed a quick scalp in MNM before the wheels really came off. MML from yesterday is recovering nicely but buying volumes today generally seem dismal.
