All Ordinaries had fallen 1.5 points, or .002 per cent, to 4861.
Some analysts are saying "We've issued so much stock via share purchase plans that we've diluted companies' assets by more shares at a time when earnings are going to ease off. So the banks reporting season will be the testing time (for the market)."
Following recent speculation global miner BHP Billiton Ltd (BHP) has announced that it has made a takeover offer for United Minerals Corporation NL (UMC). Through its wholly owned subsidiary BHP Billiton Minerals, BHP is offering $1.30 per United Minerals share, valuing the company at $204 million.
BHP says the offer represents a premium of 43 per cent to United Minerals closing price on October 6 of 91 cents.
The best performing sector at midday is the Energy index which gained 147 points to 17,055.
The worst performing sector at midday is the Real Estate Investment Trust index, down 6 points at 939. Shares in CFS Retail Property Trust lost 1.44 per cent to $2.05.
Gold is trading at $1053.30 US an ounce and the Aussie dollar is trading at 92.68US cents.
19 October
EU construction ouput, Aug Japan minutes of BoJ meeting, Oct US NAHB housing market index ALF Ex div. 3.0c AMM Ex div. 0.5c ASL Ex div. 6.0c FAC Annual General Meeting (11:00 AM) HMC Annual General Meeting (02:00 PM) TAH Annual General Meeting TBI Ex div. 1.0c
