Best and worst stocks on the ASX at midday

Following a weak session on Wall Street overnight where traders focussed on renewed tensions in Ukraine, the ASX has started the day down with the S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO) 0.5% lower just after midday.

Telco and retail stocks have caught investors' attention today after TPG Telecom came out this morning and upgraded full year earnings guidance, while retail brand owner Premier Investments released an upbeat half-yearly result and set the market chattering about whether it could launch a takeover offer for department store owner David Jones.

Here are the top five best performing stocks in the index at midday today:

• TPG Telecom Ltd (ASX: TPM) has rallied 8.3% to $6.24
• Premier Investments Limited (ASX: PMV) has jumped 8.3% to $8.72
• iiNet Limited (ASX: IIN) has gained 6.5% to $8.06
• M2 Group Ltd (ASX: MTU) is up 2% to $6.21
• David Jones Limited (ASX: DJS) has added 1.9% to $3.15

These are the five worst performing stocks at midday today:

• Resolute Mining Limited (ASX: RSG) has sunk 7.6% to 58.2 cents
• Medusa Mining Limited (ASX: MML) has fallen 6.3% to $2.09
• Beadell Resources Ltd (ASX: BDR) has dropped 5.9% to 64 cents
• Myer Holdings Ltd (ASX: MYR) has lost 5% to $2.30
• Newcrest Mining Limited (ASX: NCM)  has declined 4.5% to $10.30