The Australian share market has drifted into the red at noon, weighed down by weak leads after disappointing US economic data. At home, supermarket giant Woolworths Limited (ASX:WOW) has dipped after positing lower than expected quarterly sales growth and shares in mining products provider Bradken Limited (ASX:BKN) have sunk after cutting its full year guidance.
The S&P/ASX 200 index has lost 6 points and is 4,357. On the futures market the SPI is 13 points lower.
Shares in Thakral Holdings Group (ASX:THG) have surged in morning trade after Brookfield Asset Management Inc (NYSE:BAM) made a $410 million takeover offer for the Australian property developer and manager. Thakral announced it had received the Toronto-based asset manager’s conditional offer yesterday. Shares in Thakral Holdings have jumped 29.31 per cent and are trading at $0.75.
Internet services provider iiNet Limited (ASX:IIN) has scored a victory against film and television companies in a landmark copyright case. The High Court has today dismissed an appeal from 34 international and local companies, alleging iiNet had allowed the infringement of their copyright when iiNet’s customers downloaded content. After exiting a trading halt, shares in iiNet have lifted 1.65 per cent and are trading at $3.08.
Best and worst performers
The best performing sector is Energy gaining 111 points to 14,251. Shares in Karoon Gas Australia Limited (ASX:KAR) have risen 4.79 per cent and trading at $6.235. Shares in Aurora Oil & Gas Limited (ASX:AUT) and Beach Energy Limited (ASX:BPT) are also stronger.
The worst performing sector is Real Estate Investment Trusts, falling 4 points to 845. Shares in Dexus Property Group (ASX:DXS) have fallen 1.38 per cent, trading at $0.93. Shares in Westfield Retail Trust (ASX:WRT) and BWP Trust (ASX:BWP) are also lower.
The NZSX50 is 16 points lower at noon: Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock down 0.59 per cent at $2.515, followed by Fletcher Building, Westpac and Ryman Healthcare.
Gold and the dollar
Gold is trading at $US1,642 an ounce.
The Australian dollar is buying $US1.0314.