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Following negative leads from Europe and the US and more downward pressure on the iron ore price and Aussie dollar, the Australian share market sank on open and currently clawing back losses to trade 0.27 per cent stronger at noon. Better-than-expected manufacturing figures just released from China could spur afternoon trade higher.The S&P/ASX 200 index is 10 points up at 5,373. On the futures market the SPI is 9 points higher.Looking at economic news: All eyes are on the latest manufacturing figures from China with the HSBC Flash Manufacturing PMI for September coming in higher than expected at 50.5, a two month high and up from 50.2 in August. Most analysts had been expecting a reading of 50 – right on the cusp between contraction and expansion. The flash index is published ahead of final PMI data.Locally The ANZ-Roy Morgan Index of consumer confidence has lifted slightly to 112.9, up from 111.3 a week ago.To company news:Indophil Resources NL (ASX:IRN) says it has executed a scheme implementation agreement to sell 100 per cent of its shares to Alsons Prime Investments Corporation for $0.30 cash per share. The offer is at a 43 per cent premium to the share price close on Monday afternoon and values Indophil at $361 million. APIC already owns nearly 20 per cent of Indophil, Glencore Queensland is also a major shareholder with 13.1 per cent interest in the mining exploration company. Glencore has advised it intends to approve the scheme. Indophil’s key assets comprise of $208 million in cash and a 37.5 per cent share in the Tampakan Copper-Gold project in the Philippines with the remainder held by Glencore. APIC is a wholly-owned subsidiary of Alsons Group, a Philippine-based conglomerate.Shares in Indophil are trading 38.1 per cent higher at $0.29.New Hope Corporation Limited (ASX:NHC) has reported a full year net profit of $58.4 million, 21.2 per cent down on last year. The weak result is blamed on lower coal export prices and the high Australian dollar. However New Hope says it expects market conditions to improve in the next 12-18 months and being a low cost producer,the company is well placed to with stand the current downturn. In fact, New Hope is holding $1.1 billion in cash with the group saying it is well placed to take advantage of any opportunities created by current market conditions. Production for the 2015 financial year is expected to be in line with 2014. New Hope will pay a final dividend of 5.5 cents bringing the total dividend to 11.5 cents, down from 16 cents last year.Shares in New Hope have dipped 0.76 per cent at $2.61.To the best and worst performers: The best performing sector is telco services, gaining 0.9 per cent to 1,897. Shares in TPG have risen 4.39 per cent and are trading at $6.89 on a lift in FY profit and forecast growth. Shares in iiNet and Telstra are also stronger.The worst performing sector is materials, falling 0.2 per cent to 9,458. Shares in Western Areas have fallen 5.98 per cent, trading at $4.40. Shares in Atlas Iron and Oz Minerals are also lower.Finally, to gold and the dollar: Gold is trading at $US1,218 an ounce.The Australian dollar is buying 88.97 US cents.
