The market is rallying in late morning but is underperforming its counterparts in the US and Europe as strength in the mining and energy sectors is offset by weakness among the banks.
The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is up 0.4% at 5,657 points ahead of lunch as firmer oil and hard commodity prices lift Woodside Petroleum Limited (ASX: WPL) 2% to $34.48 and BHP Billiton Limited (ASX: BHP) 1.7% to $31.83.
But it's copper and gold miner PanAust Limited (ASX: PNA) that is topping the S&P/ASX 200 leaderboard with its 7.2% surge to $1.855 after its board recommended shareholders accept the $1.85 a share offer by Guangdong Rising Assets Management.
Childcare centre operator G8 Education Ltd (ASX: GEM) is also among the top performers today with a 5.3% jump to $3.98 on the belief that it will be a big winner from the changes to childcare rebates that will be outlined in tomorrow's federal budget.
Business travel solutions company Corporate Travel Management Ltd (ASX: CTD) also gave investors reason to cheer today. The stock is up 2.9% to $10.86 after management upgraded its earnings forecast for the year.
On the flipside, fertiliser and explosives maker Incitec Pivot Ltd (ASX: IPL) is the worst performer on the top 200 stock benchmark after posting an underwhelming first half result. The stock is down 3.8% at $3.76 in late morning trade.
Media company Southern Cross Media Group Ltd (ASX: SXL) is also being bashed with a wooden spoon with the stock sinking 3.4% to $1 on news that its chief executive Rhys Holleran is leaving.