Midday: ASX flat after rocky morning

Market Reports

Yesterday’s losses were extended on open this morning as global markets saw heavy selling overnight, however tentative bargain hunting this morning saw the market recover, before pulling back to sit flat at midday.
 
There’s no resolution in sight for the Greek debt saga and much of today’s reporting has turned far more pessimistic speculating on the very real possibility of Greece leaving the Eurozone.
 
Locally, Kathmandu has charged ahead on news of a takeover, and Tassal Group has gained as it reports new supply deals with major supermarkets.
 
The S&P/ASX 200 index is flat at 5,423. On the futures market the SPI is 11 points lower.
 
Economic news 

The HIA has shown a dip in new home sales after a four month run of gains. Total new home sales were down 2.3 per cent in May despite sales of apartments rising by 7.6 per cent.
 
Company news
 
Education provider Navitas Limited (ASX:NVT) has lifted its Northern hemisphere student enrolments by six per cent in the second semester of this year. The company’s colleges in the US and Canada grew strongly while UK numbers were down by 13 per cent with blame centred on difficult visa requirements. Shares in Navitas are trading down 0.71 per cent at $4.22 
 
Tower Limited (ASX:TWR) has extended its CEO’s two year contract by up to three months. The New Zealand based insurance company says David Hancock’s contract is now due to expire by 30 September allowing him to complete a number of strategic initiatives. The company is conducting an international search for a new CEO with a new appointment expected to be announced within the next eight weeks. Shares in Tower last traded at $2.00
  
Best and worst performers

The best performing sector is industrials, gaining 0.6 per cent to 4,487. Shares in GWA Group Limited (ASX:GWA) have risen 3.36 per cent and trading at $2.31. Shares in Monadelphous Group Limited (ASX:MND) and Downer EDI Limited (ASX:DOW) are also stronger. 
 
The worst performing sector is utilities, falling 0.5 per cent to 6,372. Shares in Spark Infrastructure Group (ASX:SKI) have fallen 1.53 per cent, trading at $1.93. Shares in APA Group (ASX:APA) and AusNet Services (ASX:AST) are also lower.
 
Gold and the dollar

Gold is trading at $US1,178 an ounce.
The Australian dollar is buying $US0.7671