The Aussie market is generally flat at midday as the negative U.S. lead overnight failed to drag the local market lower. Energy and metal stocks are providing support as they gain on higher commodity prices.
The S&P/ASX200 index is 1 point ahead at 4,840 and on the futures market the SPI 200’s down 2 points.
In economic news: the HIA-CBA First Home Buyer Affordability Report showed that housing affordability slipped 3.3 per cent in the September quarter but was still at a level that is 35.7 per cent better than the same time a year ago.
Making headlines at midday: This morning Santos (ASX:STO) released its third quarter output report. The oil and gas company reported that third quarter revenue fell 24 percent on lower oil prices but said that production increased 5 percent on a year ago and reconfirmed its production guidance for the 2009 calendar year. Santos chief executive David Knox also said that its liquefied natural gas portfolio continues to develop. Santos shares gained 1.46% to $15.98.
Perpetual (ASX:PPT) said today that an equity market rebound could drive first half net profit to improve more than 300 per cent. The funds manager said that net profit for the six months to December 31 will be between $40 and $50 million, a big jump from the year earlier result of $14.19 million. Chief executive David Deverall said that investors are much more wary of who to trust with the management of their money and said Perpetual is well placed in terms of flexibility and service to capitalise on this mood shift. Perpetual shares gained 0.63% at $38.60 today.
In market indices: The sector with the biggest gain at midday is the Materials index which gained 61 points to 12,024 on higher metal prices overnight. Shares in Panaust advanced 0.97% to $0.52. Shares in BHP Billiton and Lihir Gold also performed well.
The sector with the biggest loss at midday is the Real Estate Investment Trust index, down 10 points at 944. Shares in Westfield lost 1.11% to $13.39. Shares in Mirvac Group and Goodman Group were also lower.
Looking to New Zealand and the NZSX50 is down 26 points.
The top five stocks by turnover on the NZSX50 today are: Topping the list is Telecom New Zealand which is trading 1.96% weaker at $2.50 followed by South Canterbury Finance, Fletcher Building, Sky City and Contact Energy.
And finally: Gold is trading at US$1,061.45 US an ounce and the Aussie dollar is trading at 92.97 US cents.
