Despite a positive lead from Wall St overnight the Australian share market is slightly lower at midday. Declines in oil and copper prices weighing on resource stocks.
The S&P/ASX200 index is 29 points lower at 4,869 and on the futures market the SPI 200’s down 26 points.
In company news: Regional Express (ASX:REX) announced that wholly owned Pel-Air has made an agreement with the Victorian State Government for the provision of Fixed Wing Patient Transport Services. The 10 year contract will commence in mid 2011 including the supply of fixed-wing air transport to Ambulance Victoria for medical evacuation of patients to and from regional areas. Shares in Regional Express are up 3.13% to $1.32.
And according to a report in The Australian, Macquarie Group Ltd (ASX:MQG) has raised close to $440 million in the first phase of a Mexican infrastructure fund which will invest in infrastructure projects in Mexico. The paper reports executive director and president of capital at Macquarie Capital in Mexico, Mark Ramsey, saying the predominance of domestic investors, including the government of Mexico, indicates a level of confidence in the asset class and in Mexico’s infrastructure development plans. Shares in Macquarie Group are down 0.12% at $50.37.
Turning now to market indices: Majority of sectors are in the red at midday, however the only sector in the black is the Healthcare index is up 1 point at 8,486. Shares in Mesoblast advanced 9.5% to $2.19. Shares in Pharmaxis and Sonic Healthcare also higher.
The worst performing sector at midday is the Utilities index, down 40 to 4313. Shares in AGL Energy fell 1.47% to $14.05. While shares in Transfield Services and Spark Infrastructure Group are also lower at noon.
Looking to New Zealand and the NZSX50 is 9 points lower. Turning to the top 5 stocks by turnover: Telstra tops the list - stock down 1.42% at $4.17 followed by; Telecom of New Zealand, Fletcher Building, Westpac and Pyne Gould.
To gold and the dollar: Gold is trading at US$1,143.55 an ounce and the Aussie dollar is trading at 92.95 US cents.
