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Defying a strong lead from Wall Street the Australian share market retreated at open and is 0.6 per cent lower at noon. Most sectors have dropped with the miners leading losses but the telco sector is stronger following M&A action. 

 

Shares in iiNet Limited (ASX:IIN) have spiked after backing a takeover offer from TPG Telecom Limited (ASX:TPM) valuing the company at $1.4 billion. Shares in Lynas Corporation Limited (ASX:LYC) have fallen after deepening its first half net loss to $142.2 million. 

 

Figures

 

The S&P/ASX 200 index has dropped 36 points to 5,814. On the futures market the SPI is 37 points lower. 

 

Company news

 

Senex Energy Limited (ASX:SXY) has struck a deal to buy Orca Energy Limited’s (ASX:OGY) Cooper Basin assets for about $2 million in cash. Orca has advised the deal is expected to be tied up before the end of May and says the assets will require further investment. Senex has also announced today it has entered into a series of oil price hedges for the 2016 financial year. While shares in Orca Energy have spiked 60 per cent shares in Senex Energy are trading 1.52 per cent lower at $0.33. 

 

Creator of cloud-based platform’s Urbanise.com Limited (ASX:UBN) has inked a hosted services agreement with a UK based Graphite Limited. Under the deal Graphite will support the installation of Urbanise’s remote monitoring solutions to its existing and new client base. Urbanise says the Graphite relationship represents a potential multi-million dollar opportunity for it to roll out its platform from April. Shares in Urbanise.com have slipped 1.69 per cent and are trading at $0.88 at noon. 

 

Best and worst performers

 

The best performing sector is telco services, gaining 0.4 per cent to 2,209. Shares in iiNet Limited (ASX:IIN) have risen 27.17 per cent and trading at $8.66. Shares in TPG Telecom Limited (ASX:TPM) and Vocus Communications Limited (ASX:VOC) are also stronger. 

 

The worst performing sector is materials, sinking 1 per cent to 9,000. Shares in Lynas Corporation Limited (ASX:LYC) have fallen 3.92 per cent, trading at $0.05. Shares in Adelaide Brighton Limited (ASX:ABC) and Sirius Resources NL (ASX:SIR) are also lower. 

 

Gold and the dollar

 

Gold is buying $US1,158 an ounce. 

The Australian dollar is buying $US0.7695.

Thank you for watching the Market at Midday on Friday 13th March, I’m Lelde Smits for the Finance News Network, have a lovely afternoon.