The local share market is slightly lower at midday, mixed fortunes in the resource and financials sectors causing trade to be choppy. However toll-road operator Trasurban Group’s shares soared after receiving a takeover approach.
The S&P/ASX200 index is 15 points lower at 4,525 and on the futures market the SPI 200’s up 4 points.
In economic news: According to figures released by the ABS today, Australia had a trade deficit of $1.849 billion for September widening from a deficit of $1.651 billion in August.
In company news: Engineering and construction company Leighton Holdings Ltd (ASX:LEI) says the 2010 financial year has started well for the company with a 10 per cent increase in total revenue for the first quarter. For the three months to September 30 total revenue came in at $4.5 billion, with work in hand of $38.2 billion as at September 30, up by $1.2 billion since June 30 2009. Chairman David Mortimer says Leighton’s core operating businesses remain strong and the group has generated a profit after tax of $131 million up 25 per cent on last year. Mr Mortimer says the company’s outlook for the 2010 financial year remains solid, with Leighton confident that revenue will exceed $19 billion and expects net profit after tax of $600 million. Leighton Holdings shares are 0.21 per cent weaker at $33.91.
Brewer Lion Nathan Ltd has reported operating net profit after tax of $313.1 million for fiscal 09, up 13 per cent on last year. The company, who has delisted from the ASX after recently taken over by Japan's Kirin Holdings, says sales revenue grew 7.1 per cent to $2.242 billion. Lion Nathan says that as expected, the second half of the financial year saw an accelerated growth rate of 22 per cent compared to the same period last year. Underpinning the result was its Australian operations which grew earnings before interest and tax by 16 per cent to $515.7 million.
Turning now to market indices: The best performing sector at midday is the Industrials index which is up 40 points to 3,729. Shares in Transurban Group advanced 16.63% to $5.12 after revealing a takeover approach. Shares in Hastie Group and Bradken are also higher.
The worst performing sector at midday is the Real Estate Investment Trust index, down 15 points at 840. Shares in Stockland fell 2.14% to $3.66. Shares in Mirvac Group and CFS Retail Property Trust are also lower at noon.
Looking to New Zealand and the NZSX50 is 6 points lower. Turning to the top 5 stocks by turnover on the NZSX50: Telecom of New Zealand tops the list, stock down 1.18 per cent at $2.51, followed by Fletcher Building, Sky City, Auckland Airport and South Canterbury Finance.
To gold and the dollar: Gold is trading at US$1,089.85 an ounce and the Aussie dollar is trading at 90.94 US cents.
