The local share market is lower at midday dragged down by resource stocks like top miners Rio Tinto and BHP Billiton on a fall in commodity prices.
The S&P/ASX200 index is 52 points lower at 4,696 and on the futures market the SPI 200’s down 50 points.
In company news: Gaming machine maker Aristocrat Leisure Ltd (ASX:ALL) has nominated two new directors to its board. Mr Stephen Morro, based in Reno, Nevada, who is a former Chief Operating Officer and President of the gaming division of IGT, and Dr Ian Blackburne who is currently a director of a number of listed companies and is the Chairman of CSR. Aristocrat Chairman David Simpson says these additions will further enhance the boards strategic capabilities and give the company significant insights in the critical US market. Aristocrat Leisure shares fell 0.22 per cent to $4.54.
Outdoor clothing and camping equipment retailer Kathmandu Holdings Ltd (ASX:KMD) has debuted on the ASX today at a 4.4 per cent premium to its issue price. The retailer’s shares traded at $1.775 compared with an IPO of $1.70 which was already at the bottom end of an indicative range. The company’s New Zealand shares opened at $2.22 compared to an offer price of $2.13. Kathmandu’s IPO raised $340 million.
Turning now to market indices: The best performing sector at midday is the Consumer Staples index, up 46 points to 7,501. Shares in Foster’s Group advanced 1.26% to $5.61. Shares in Woolworths and Coca-Cola Amatil are also higher.
The worst performing sector at midday is the Materials index, down 193 points to 11,690. Shares in Newcrest Mining fell 2.59% to $34.66. Shares in BHP Billiton and Rio Tinto are also lower at noon.
Looking to New Zealand and the NZSX50 is 10 points lower. Turning to the top 5 stocks by turnover on the NZSX50: Fletcher Building heads the list, stock down 0.99 per cent at $8, followed by Telecom of New Zealand, Sky City, Freightways and Westpac.
To gold and the dollar: Gold is trading at US$1,103.35 an ounce and the Aussie dollar is trading at 92.55 US cents.
