Following falls on overseas markets and in commodities overnight Aussie shares are trading lower at midday. Stocks weighed down by news that China has decided to curb bank lending in January.
The S&P/ASX200 index is 17 points lower at 4,851 and on the futures market the SPI200’s down 10 points.
In economic news: According to data from the ABS, sales of new motor vehicles rose 3.3% in December.
In company news: Macquarie Infrastructure Group (ASX:MIG) has reported an increase in average daily revenue for the December quarter across is portfolio of toll roads. In Australia, the Westlink M7 reported an 8.1% rise in revenue, earning $550,788 in daily average revenue. Macquarie Infrastructure Group holds a 25% in the Westlink Motorway Group, owner of Westlink M7 in Sydney. Shares in Macquarie Infrastructure Group are steady at $1.49.
Waste management company Transpacific Industries Group Ltd (ASX:TPI) says it expects to report first half operating earnings before interest, tax, depreciation and amortisation of between $197 million and $200 million for fiscal 2010. This compares to profit of $255.7 million recorded for the first half of fiscal 2009.The anticipated result is however higher than the $191.9 million recorded in the second half of fiscal 2009. The company says earnings before interest and tax is expected to come in between $115 million and $118 million. Shares in Transpacific Industries Group rose 0.72% to $1.395.
Turning now to market indices: One of the best performing sectors at midday is the Health Care index up 37 points at 8,407. Shares in Sonic Healthcare advanced 2.96% to $14.62. Shares in Primary Health Care and Ansell are also higher.
The worst performing sector at midday is the Materials index, down 201 to 12,685. Shares in Resolute Mining fell 7.96% to $1.04. While shares in Centamin Egypt and Carrick Gold are also lower at noon.
Looking to New Zealand and the NZSX50 is 16 points lower. Taking a look at the top 5 stocks by turnover: Telco Telstra tops the list with stock steady at $4.25 followed by Telecom of New Zealand, Fisher & Paykel Healthcare, ANZ, and Westpac.
To gold and the dollar: Gold is trading at US$1,115.85 an ounce and the Aussie dollar is trading at 91.33 US cents.
