Following a positive lead from the US overnight Aussie shares are flat at midday, declines in the miners offsetting gains in the banks. However positive comments from television broadcaster Ten on improvements in the advertising market are giving media stocks a boost today.
The S&P/ASX200 index is 9 points higher at 4,647 and on the futures market the SPI 200’s up 17 points.
In economic news: ABS has releases key figures on the Australian labour market showing that employment rose by 31,200 in November resulting in a fall in the unemployment rate to 5.7%.
In company news: Chairman of regional lender Bank of Queensland Ltd (ASX:BOQ), Neil Summerson has told shareholders that economic data is pointing to more conducive trading conditions for the bank in 2010 than the past 12 months. This combined with the sustainable lower cost base now in place as a result of the bank’s successfully completed Project Pathways, Mr Summerson says, can be leveraged to grow shareholder wealth. Bank of Queensland shares dropped 2.35 per cent to $11.22.
Dexus Property Group (ASX:DXS) has acquired a property at 2 - 4 Military Road Matraville NSW for $46.1 million with an initial passing yield of 9.3% and weighted average lease expiry of 5.7 years. The property comprises of two modern fully leased industrial warehouses in the South Sydney Industrial precinct. Head of industrial Andrew Whiteside says this acquisition further diversifies and expands the company’s industrial portfolio into another key Sydney market and is consistent with Dexus Property’s strategy to invest in quality properties in key locations. Shares in Dexus Property Group gained 0.63 per cent to $0.805.
Turning now to market indices: The best performing sector at midday is the Telco Services index up 8 points at 1,180. Shares in Telecom of New Zealand advanced 2.72% to $1.89. Shares in Telstra and IINet are also higher.
The worst performing sector at midday is the Real Estate Investment Trust index, down 2 points to 853. Shares in Goodman Group fell 0.88% to $0.565. Shares in Commonwealth Property Office Fund and Mirvac Group are also lower at noon.
Looking to New Zealand and the NZSX50 is 6 points higher. Taking a look now at the top 5 stocks by turnover: Telecom of New Zealand heads the list with stock up 0.85% at $2.38, followed by; Sky City, Fletcher Building, Contact Energy and Auckland Airport.
To gold and the dollar: Gold is trading at US$1,134.70 an ounce and the Aussie dollar is trading at 91.51 US cents.
