MARKETS

The local share market soared today as news the Australian Stock Exchange plans to merge with the Singapore Exchange boosted investor sentiment.

The Australian share market closed higher on Monday, led by financials and resources, as a possible merger between the Australian Stock Exchange and Singapore Stock Exchange boosted positive sentiment.

The A$1.75-billion unsolicited offer by the Kohlberg Kravis Roberts & Co (KKR) does not reflect the real "value" of the company, listed company Perpetual Ltd. (ASX: PPT) said in today.

The Australian share market has surged today, on news that the ASX (ASX) has entered into an agreement to merge with the Singapore Exchange (SGX). At lunchtime in the East, the All Ordinaries Index (XAO) is up 57pts or 1.2pct to 4776.6.

US stocks closed mixed on Friday as good corporate earnings were weighed against concerns over the dollar as G20 finance ministers held talks in South Korea in a bid to avert a currency war.

The Aussie opens higher on Monday at 0.9850 and received a boost after comments by U.S. Treasury Secretary Timothy Geithner at the weekend's G-20 conference.

Canadian Equinox Minerals Limited (TSX and ASX: EQN) ("Equinox") has announced that it has completed an agreement Australia's Resource Group Limited (ASX:CGG) ("Citadel"), under which Equinox proposes to acquire all of the issued and outstanding shares of Citadel by way of a recommended takeover offer (the "Offer"). The Board of Citadel has recommended unanimously that Citadel shareholders accept the Offer, in the absence of a superior proposal.

The Singapore Stock Exchange is set to offer some A$8.4 billion deal to Australia's ASX that targets to build one of the biggest exchange trading hubs in the Asia-Pacific as competition stiffens in the local arena.

The Australian share market ended the week higher on Friday, led by miners and the banking sector.

The local share market managed to notch up a win for the final session of the trading week, on the back of a positive offshore lead. The All Ordinaries Index (XAO) gained 23.2pts or 0.5pct to 4719.6 while the S&P/ASX 200 Index (XJO) added 25.3pts or 0.6pct to 4648.2

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Currency and equity markets are on the up trend at today's trading as markets speculate that the G-20 summit scheduled this weekend in South Korea will resolve the currency devaluation issue.

The AUD rallied yesterday before retreating again overnight to below USD 0.9800.

U.S. stocks bounced higher in a day of choppy trading Thursday as encouraging corporate earnings overshadowed jitters over recent currency fluctuations.

The US Philadelphia Fed index rose from -0.7 to 1 in September. Despite still being weak sub indices including new orders, shipments and employment all improved.

Growth and inflation figures released from China supported their move to increase interest rates earlier this week. Chinese GDP expanded 9.6% for the previous quarter, exceeding expectations, while inflation accelerated at its fastest pace in 23mths at a rate of 3.6%.

Foreign and local pension funds are eyeing Australian infrastructure projects as safe investments that could create good rates of return, the Royal Bank of Scotland Group Plc said.

The Australian share market closed flat on Thursday as stronger resource stocks offset weakness in the financials sector.

Australian shares closed mixed today, as losses from the banks offset strong momentum seen in early trade off the back of a positive offshore lead.

Australia's biggest producer of gold Newcrest Mining Ltd. (ASX: NCM) has reported that its gold production in the first quarter went up by 79 percent to 674,219 ounces, the company said in a disclosure.

ASX-listed gaming firm Tabcorp Holdings Ltd (ASX:TAH) has raised some $238 million from institutional investors and is now set for the retail component of its entitlement offer worth $190 million

Business conditions in the Australian Commercial Property market improved in the third quarter ending September, driven by gains in the Office and Hotels segments, while conditions in the Retail and Industrial markets, however, remain negative, the National Australia Bank said in the report of its latest survey released today.

While the AUD took a breather yesterday, worn out after its assault on parity over the last few weeks, the break was not for long.

U.S. stocks extended their broad based rally Wednesday, as a positive outlook from the financial sector and a spate of strong earnings from airlines helped investors move past the previous day's bruising losses.

The US Federal Reserve Beige Book has reported sluggish economic conditions in late September/early October.

The Australian Dollar rose for the first time in 2 days after its drop to the lowest level in 2 weeks.

Investors have taken advantage of the Australian dollar's decline yesterday amidst further speculation that the Reserve Bank of Australia is bound to adjust interest rates upwards.

The Australian share market closed weaker on Wednesday as local equities followed a weak lead from Wall Street

The Australian government is set to decide on the liquefied natural gas venture project of Santos Ltd. and BG Group PLC Origin and partner ConocoPhillips in Queensland on Oct. 22.