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AUSTRALIAN stocks ended higher, propelled consolidation hopes in the resources sector sparked by one of the country's biggest resources takeovers yet.

IRON ore miner Territory Resources will lodge a formal takeover offer to the Consolidated Minerals board on Monday after it completes due diligence on the manganese miner today.

LEIGHTON Holdings is in talks with companies in the Persian Gulf about developing partnerships, including the firm credited with the creation of Dubai's famous Bur Al Arab hotel.

SHARES in mining giant BHP Billiton hit record highs today amid speculation it was set to join a takeover frenzy in the booming metals sector that saw Rio Tinto bid $US38.1 billion ($44 billion) for Alcan.

BIOTECH Novogen has distanced itself from its founder Graham Kelly whose assets have been frozen during a tax fraud investigation.

AGL Energy has secured a pipeline deal with Epic Energy, which will allow the construction of a $140 million gas pipeline to complete the final link between the eastern gas markets.

THE Australian share market shot out of the blocks this morning to record highs after US stocks surged to their biggest single day gain in over four years.

MINER Consolidated Minerals has reported unaudited net profit after tax (NPAT) in the range of $30 to $31 million, a significant improvement on last year's loss of $6.5 million.

TABCORP has appointed its acting ceo, Elmer Funke Kupper, to the position permanently.

US stocks surged overnight, with the Dow hitting a record on its biggest point gain since 2002, after healthy retail sales reassured investors about consumer spending and a $38 billion mining takeover fed expectations for more deals.