The local share market is lower at midday, declines in financial stocks like major banks NAB and the Commonwealth Bank and top miners BHP and Rio Tinto weighing the market down on renewed concern for the health of the global economic recovery.
And department store chain Myer Holdings Ltd (ASX:MYR) has made its debut on the ASX today opening at $3.88 a share, 5.4 per cent below the $4.10 offer price set in the company’s public float.
The S&P/ASX200 index is 93 points lower at 4,550 and on the futures market the SPI 200’s down 76 points.
In economic news: The ABS reports that Australia’s house price index for the third quarter rose 4.2 per cent from the previous quarter, up 6.6 per cent compared to the third quarter last year.
The TD Securities-Melbourne Institute’s monthly inflation gauge slowed to 1.2 per cent in October from 1.3 per cent in September.
In company news: AGL Energy Ltd (ASX:AGK) has responded to claims from the media that the company is unlikely to bid for Energy Australia saying they are incorrect. Managing Director Michael Fraser advised the media on October 29 that AGL may not be in a position to bid for the Energy Australia retail gas business because of anticipated competition, however it was not ruled out. Mr Fraser says that AGL has not ruled out bidding on any of the NSW energy assets and a final position has not yet been reached on the Energy Australia retail assets or any other assets. Shares in AGL Energy fell 0.07 per cent to $13.86.
Manufacturer, distributer and marketer of carbonated soft drinks Coca-Cola Amatil Ltd (ASX:CCL) says managing director Terry Davis has decided to extend his time with the company signing a 12 month rolling contract. Mr Davis’ contract was due to expire on November 30 2011. Chairman David Gonski says securing an agreement which facilitates Mr Davis’ services to continue beyond November 30 2011 is in the best interests of the company and its shareholders. Saying that Mr Davis continues to perform impressively and maintains the enthusiasm and commitment to deliver continued success. Shares in Coca-Cola Amatil declined 2.26 per cent to $10.40.
Turning now to market indices: Majority of sectors are in the red at midday however the sector with the smallest loss is the Health Care index which is down 74 points to 8,313. Shares in Avexa advanced 2.86% to $0.18. Shares in ResMed and Ramsay Healthcare are also higher.
The worst performing sector at midday is the Industrials index, down 97 points at 3,709. Shares in Ausenco fell 4.29% to $4.69. Shares in Macquarie Infrastructure Group and Toll Holdings are also lower.
Looking to New Zealand and the NZSX50 is 50 points lower. Turning to the top 5 stocks by turnover on the NZSX50: Top of the list is Telecom of New Zealand, stock down 0.79 per cent at $2.52, followed by Fletcher Building, Sky City, Fisher & Paykel Healthcare and ANZ.
To gold and the dollar: Gold is trading at US$1,044.70 an ounce and the Aussie dollar is trading at 90.12 US cents.
