Aussie shares are lower at midday as declines in bank stocks like the Commonwealth Bank outweighed gains in resource stocks like mining giant BHP Billiton on higher base metals prices.
The S&P/ASX200 index is 34 points lower at 4,877 and on the futures market the SPI200’s down 24 points.
In economic news: According to figures released by the ABS Australia’s international merchandise imports rose 1% to $17.66 billion in December.
In company news: Gold miner Kingsgate Consolidated Ltd (ASX:KCN) says it produced 40,224 ounces of gold in the December quarter from its Chatree mine in Central Thailand. The company says the result was above expectations and forecasts production of up to 140,000 ounces of gold for the year to June 2010. The company says plans for an increase in reserves and resources, is targeted together with a proposed plant expansion to double the processing capacity. Kingsgate Consolidated’s shares gained 1.59% to $9.58.
IT Services provider ASG Group (ASX:ASZ) has secured a contract to provide additional IT services to the Department of Education in Western Australia. The contract is for a three year term with two one year extension options, with a total value in excess of $23 million. In addition to this contract, ASG says it has a project pipeline of more than $500 million. Shares in ASG Group rose 7.53% to $1.285.
Turning now to market indices: The best performing sector at midday is the Health Care index up 20 points at 8,437. Shares in Biota Holdings advanced 2.45% to $2.09. Shares in CSL and ResMed also higher.
The worst performing sector at midday is the Real Estate Investment Trust index, down 12 to 885. Shares in Mirvac Group fell 2.21% to $1.55. While shares in Stockland and Westfield Group are also lower at noon.
Looking to New Zealand and the NZSX50 is 11 points lower. Turning to the top 5 stocks by turnover: Topping the list is Telstra stock up 0.71% at $4.23 followed by Fletcher Building, Westpac, Telecom of New Zealand and Goodman Property Trust.
To gold and the dollar: Gold is trading at US$1,137.20 an ounce and the Aussie dollar is trading at 92.59 US cents.
