Aussie shares are marginally lower at midday, falling back from opening highs as profit taking ahead of the New Years day holiday offset gains in the major banks like ANZ and top miners like Rio Tinto.
The S&P/ASX200 index is 6 points lower at 4,839 and on the futures market the SPI 200’s down 22 points.
In company news: Australian gold explorer Integra Mining (ASX:IGR) says it has been given the green light to develop the Randalls Gold Project, saying it is on track to become the newest Australian gold producer. The company says the project will be only the second integrated mining and processing new gold mine development based on a new gold discovery in Australia in the past 10 years. The company says it expects the project to generate around $50 million of operating profit a year and says it will rival or exceed the profitability of any other domestic Australian gold miner with the exception of Newcrest Mining. Shares in Integra Mining gained 3.85 per cent to $0.27.
And Lion-Asia Resources takeover offer for minerals explorer Polaris Metals NL (ASX:POL) has closed. Lion-Asia told the ASX in a statement today that at the time of closing the defeating conditions of the Lion offers had not been fully satisfied or waived. Lion says it will maintain a relevant interest in 23% of the ordinary shares of Polaris, and compulsory acquisition will not proceed. Polaris Metals NL is currently the target of a takeover by supplier of goods and services to the resources sector, Mineral Resources Ltd (ASX:MIN). Polaris Metals shares fell 0.63 per cent to $0.79.
Turning now to market indices: The best performing sector at midday is the Consumer Discretionary index up 2 points at 1,631. Shares in McPherson’s advanced 3.08% to $3.35. Shares in APN News & Media and Domino’s Pizza Enterprises are also higher.
The worst performing sector at midday is the Utilities index, down 20 to 4,360. Shares in Hastings Diversified Utilities Fund fell 1.31% to $1.13. While shares in AGL Energy and APA Group are also lower at noon.
Looking to New Zealand and the NZSX50 is 8 points lower. Taking a look now at some of the top stocks by turnover: ANZ is top of the list, stock up 1.79% at $28.50, followed by Telecom of New Zealand, Fletcher Building, Telstra and Kiwi Income Property Trust.
To gold and the dollar: Gold is trading at US$1,093.25 an ounce and the Aussie dollar is trading at 89.3 US cents.
