Following a weak lead from Wall St overnight and lower commodity prices the local market is trading marginally lower at midday however recovering from earlier lows after banks stocks rose on hopes of stronger earnings reports following CBA’s earnings upgrade.
The S&P/ASX200 index is 7 points lower at 4,892 and on the futures market the SPI200’s up 2 points.
In economic news: The TD Securities-Melbourne Institute gauge of consumer price inflation rose 0.3 percent in December, after a 0.3 percent rise in November.
In company news: ASX listed Canadian agribusiness company Viterra (ASX:VTA), who last year acquired Australia’s ABB Grain for $1.6 billion, has appointed Rob Gordon as President of South East Asia and Senior Vice President of Viterra. The company says Mr Gordon’s role will be to integrate and enhance the company’s Australian and New Zealand operations to achieve higher performance and optimal operating efficiencies. Mr Gordon most recently served as CEO and Managing Director of Dairy Farmers in Sydney. Shares in Viterra are up 0.46% to $11.03.
Weapons maker Metal Storm Ltd (ASX:MST) is to deliver MAUL Weapons Systems to Defence Research & Development Canada. Defence R&D Canada is examining technologies that could be used in a future integrated small arms weapons system and has identified Metal Storms 3GL and MAUL technologies as potential lightweight solutions. The MAUL system has been purchased as representative of the two technologies and will undergo evaluation.The three MAUL weapons will be delivered in March 2010, subject to export regulations. Shares in Metal Storm are up 9.52% to 2.3cents.
Turning now to market indices: Majority of sectors are in the red at midday, however the only sector in the black is the Financials index are up 27 points at 4858. Shares in IOOF Holdings advanced 5.65% to $6.36. Shares in Mirrabooka Investments and Mortgage Choice also higher.
The worst performing sector at midday is the Consumer Staples index, down 73 to 7706. Shares in AWB fell 1.65% to $1.19. While shares in Woolworths and Fosters Group are also lower at noon.
Looking to New Zealand and the NZSX50 is 5 points lower.
Turning to the top 5 stocks by turnover: Telstra tops the list - stock up 0.72% at $4.18 followed by; Telecom of New Zealand, Westpac, Fletcher Building, and Auckland Airport.
To gold and the dollar: Gold is trading at US$1,131.30 an ounce and the Aussie dollar is trading at 91.94 US cents.
