Aussie shares are steady at midday, a fall in commodities weighing down resource stocks while Premier Investments, owner of retailer Just Group, shares soared after reporting a rise in sales for the year.
The S&P/ASX200 index is down 6 points at 4,672 and on the futures market the SPI 200’s down 12 points.
Making headlines at midday: Australian listed Southeast Asia Telco Singapore Telecommunications Ltd (ASX:SGT) says the company expects to see single-digit revenue growth in Singapore and low single digit revenue growth for its Australian arm Optus in fiscal 2010. The company also forecasts growth in earnings for its other regional mobile subsidiaries Bharti and Telkomsel, in local currency terms. Shares in Singtel fell 0.39 per cent to $2.57.
Owner of Sydney Airport Macquarie Airports (ASX:MAP) has responded to a second letter from Mike Fitzpatrick on behalf of a group of four individuals seeking a role in the management of the company. Chairman of the Independent Board Committee of Macquarie Airports Management Trevor Gerber says the board has considered the proposal and does not see anything in it to change its position stated in its last response. The board has formed the view after much consideration that the consequences of a change in management at Macquarie Airports is too uncertain and involves too many risks for shareholders. Mr Gerber says the group proposes to risk breaching the bank change of control clauses with Macquarie Airports security holders bearing all the risk and them not carrying any risk but receiving a minimum $45 million fee. He says in practical terms it is not apparent that the group’s proposal is anything other than a job application for three people who the board does not know for positions that are not vacant with a cost of a minimum fee of $45 million. Macquarie Airports shares rose 2.62 per cent to $2.74.
Turning now to market indices: The best performing sector at midday is the Consumer Discretionary index up 3 points to 1,589. Shares in Jetset Travel rose 3 per cent at $1.20. Shares in Aristocrat Leisure and Tamawood are also higher at noon.
The worst performing sector at midday is the Real Estate Investment Trust index, down 8 points at 931. Shares in Stockland lost 1.95 per cent to $4.03. Shares in Westfield Group and Dexus Property are also lower.
Looking to New Zealand and the NZSX50 is down 13 points. Taking a look at the top five stocks by turnover on the NZSX50: Top of the list is Telecom of New Zealand, stock steady at $2.63, followed by Fletcher Building, Contact Energy, Auckland Airport and Fisher & Paykel Healthcare.
To gold and the dollar: Gold is trading at $1005.70 US an ounce and the Aussie dollar is trading at 86.74 US cents.
