Australian shares gain in morning session

Monday, 4 April 2011 08:08

Australian shares gained in the morning session, bolstered by the US markets on Friday's ASX index up almost 40 points.

Also takeover activity pushed the market as well. The copper miner Equinox, rose to A$7.28 after a $6.5 billion takeover offer from China's Minmetals Resources which triggered expectation of more bidders emerging as the continual demand for commodities makes miners very attractive currently.

BHP Billiton and Rio Tinto also were movers with increases of over 1%, New Zealand's benchmark NZX 50 index rose 2.65 points to 3,454.79.

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