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Arrow receives takeover bid; shares higher

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Published on: Monday, March 08, 2010

Australian shares were higher at 12.15pm following gains on Wall Street over the weekend and boosted by energy stocks.

The S&P/ASX 200 put on 38.3 points or 0.8 per cent to 4,805.5.

The All Ords were 42.98 points or 0.9 per cent higher to 4,816.3.

By industry, energy rose 579.7 points or 3.9 per cent, materials added 240.2 points or 1.93 per cent and financials put on 1.5 points or 0.03 per cent. Industrials fell 9.1 points or 0.23 per cent.

BHP Billiton today said it had reached terms for a major portion of its 2010 hard coking coal volumes, “based on a structural change to shorter term market based pricing for the contract period”. Shares gained $0.95 or 2.24 per cent to $43.45.

Rio Tinto added $1.67 or 2.23 per cent to $76.68 and Fortescue Metals was $0.09 or 1.88 per cent higher to $4.87.

In financials, ANZ lost $0.03 or 0.13 per cent to $23.80, CBA fell $0.18 or 0.33 per cent to $54.92 and NAB took off $0.12 or 0.45 per cent to $26.38. Westpac gained $0.02 or 0.07 per cent to $26.77.

In energy, Arrow Energy announced it had received a non-binding indicative and conditional proposal from a company jointly owned by Royal Dutch Shell and PetroChina. The takeover would mean Arrow shareholders receive $4.45 per share “plus a share in a new entity comprised of Arrow’s international business”. Shares gained $1.56 or 44.83 per cent to $5.04.

Woodside Petroleum put on $0.92 or 2.07 per cent to $45.55 and Santos rose $0.45 or 3.35 per cent to $13.88.

In retail today, Woolworths lost $0.14 or 0.5 per cent to $27.91 and Wesfarmers gained $0.24 or 0.73 per cent to $32.95.

To Asia and the Nikkei was 157.1 points or 1.52 per cent higher to 10,526.1.

Oil was at US$81.5 per barrel and gold was at US$1,134.65 per ounce. The Australian dollar was buying 90.93 US cents, 60.05 pence Sterling, 66.55 Euro cents and 82.23 Japanese yen.  

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