Following positive leads, the Australian share market opened slightly higher, gained some ground after better than expected jobs figures and is 0.4 per cent up at noon.
The S&P/ASX 200 index is 17 points up at 4,264. On the futures market the SPI is 13 points higher.
Economic news
The Australian Bureau of Statistics latest jobs report has come in better than expected. The total number of jobs increased by 44,000 for March. The unemployment rate steady at 5.2 per cent despite expectations for a rise.
Company news
Seven Group Holdings Limited (ASX:SVW) subsidiary Westrac Pty Ltd. will spend $US400 million to acquire a distribution and support business from Caterpiller. Westrac estimates the annual revenues for the distribution and support business to be in the range of $600-650 million. The acquisition has seen shares in Seven Group are trading 4.28 per cent higher at $10.23.
Galaxy Resources Limited (ASX:GXY) has completed its capital raising to support its proposed merger with Lithium One. The lithium mining, chemicals and battery company says its raised $30 million via a placement to institutional investors. Galaxy also advised it received final approval for credit facilities to support its Jiangsu plant in China. Shares in Galaxy Resources are trading down 11.3 per cent at $0.785.
Best and worst performers
The best performing sector is Industrials gaining 28 points to 3,673. Shares in Seven Group Holdings Limited (ASX:SVW) have risen 4.28 per cent and trading at $10.23. Shares in Macmahon Holdings and Boart Longyear and are also stronger.
The sector with the smallest gains is Consumer Staples and is up 1.5 points to 7,464. Shares in Woolworths Limited (ASX:WOW) are 0.16 lower, trading at $25.46. Shares in Metcash and Goodman Fielder are steady.
New Zealand
The NZSX50 is 17 points up at noon.
Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock up 1.5 per cent at $6.11, followed Telecom Corporation of New Zealand, Westpac and Nuplex.
Gold and the dollar
Gold is trading at $US1,658 an ounce.
The Australian dollar is buying $US1.0312 cents.
