Following negative leads, the Australian share market opened lower and is 0.5 per cent down at noon.
The S&P/ASX 200 index is 28 points down at 4,295. On the futures market the SPI is 23 points lower.
Company news
Shareholders in Whitehaven Coal Limited (ASX:WHC) have voted strongly in favour of the $5.1 billion merger with Aston Resources Limited(ASX:AZT). Aston shareholders were also in favour of the alliance which includes the acquisition of coal company Boardwalk Resources. The directors of Whitehaven and Aston agreed to tie up their assets late last year. Shares in Whitehaven are trading up 0.33 per cent at $6.02.
Linc Energy Limited (ASX:LNC) has inked a deal to produce gas in China with GCL Projects, a subsidiary of Golden Concord Holdings and will commence construction in the region within six months. Linc shares have jumped almost 30 per cent. The company is focused on commercialsing coal gasification and gas-to-liquid technologies. Shares in Linc are trading up 26.64 per cent at $1.355.
Best and worst performers
The best performing sector is Telco Services gaining 3 points to 1,159. Shares in iiNet Limited (ASX:IIN) have risen 0.67 per cent and trading at $3.02. Shares in Telstra are stonger while Telecom Corporation of New Zealand is flat.
The worst performing sector is Materials, falling 139 points to 10,821. Shares BHP Billiton Limited (ASX:BHP) have fallen 0.7 per cent, trading at $34.23. Shares in Fortescue Metals and Lynas are also lower.
New Zealand
The NZSX50 is 9 points down at noon.
Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock down 0.81 per cent at $6.15, followed by Telecom Corporation of New Zealand, Telstra and Westpac.
Gold and the dollar
Gold is trading at $US1,652 an ounce and the Australian dollar is buying $US1.0321 cents.
