Aussie shares are lower at midday with declines in the top miners like Rio Tinto weighing on the market. Australian aluminium company Alumina also saw its shares drop after joint venture partner Alcoa posted a loss for the fourth quarter, missing expectations.
The S&P/ASX200 index is 29 points lower at 4,922 and on the futures market the SPI 200’s down 23 points.
In economic news: The ABS reports a 5.6% fall in housing finance for November.
In company news: Building products and sugar business CSR Ltd (ASX:CSR) has responded to a media statement from China’s Bright Food Group regarding the possible acquisition of CSR’s sugar and renewable energy business. The company says Bright Food Group has merely made an expression of interest and has not made any proposal capable of acceptance by CSR. The Chinese company has previously expressed its interest in the company’s sugar business however, its expression of interest similarly lacked certainty as to value, timing and likelihood of completion. Shares in CSR gained 4.33 per cent to $2.05.
Mineral exploration company Cazaly Resources Ltd (ASX:CAZ) has placed its shares in a trading halt today ahead of an announcement regarding the results of the Preliminary Feasibility Study into the development of its 100% owned Parker Range iron ore project. The Parker Range project is located in the Yilgam region of Western Australia. Cazaly Resources shares last traded at $0.27.
Turning now to market indices: the only sector in the black at midday is the Utilities index up 13 points at 4,357. Shares in AGL Energy advanced 0.71% to $14.20. Shares in Transfield Services Infrastructure Fund and Energy Developments are also higher.
The worst performing sector at midday is the Materials index, down 180 to 13,194. Shares in Alumina fell 4.61% to $1.965. While shares in Perseus Mining and BlueScope Steel are also lower at noon.
Looking to New Zealand and the NZSX50 is 8 points lower. Turning to the top 5 stocks by turnover: Fletcher Building tops the list stock up 0.47% at $8.48 followed by; Telecom of New Zealand, Contact Energy, Pyne Gould Corp, and Auckland Airport.
To gold and the dollar: Gold is trading at US$1,153.85 an ounce and the Aussie dollar is trading at 92.72 US cents.
