Australian shares have joined a global retreat on concerns about US President Barack Obama's plan to curb excessive risk-taking by banks and the strength of the economic revival.
The S&P/ASX200 index is 79 points lower at 4748 and on the futures market the SPI200’s down 78 points.
In company news: Sydney Airport has reported a 6.1% jump in EBITDA to $689.3million for fiscal 2009, a result welcomed by the airport’s 49% stakeholder, Map Group (ASX:MAP). Sydney Airport says the last quarter’s 11.8% jump in EBITDA to nearly $200 million pointed to a strong 2010. Revenue climbed 5% to $853 million. Shares in MAp Group shares are down 3% at $2.91.
And Woodside Petroleum Limited (ASX:WPL) reported an 18% quarter-on-quarter jump in revenue to $1.26 billion in the fourth quarter. The results come on the back of higher prices for crude oil, despite sales volumes only increasing 1% and the company reporting a 2% decline in production over three months. The company reported $1.26 billion in sales revenue for the fourth quarter, a 23% fall from the previous corresponding period. Shares in Woodside Petroleum are down 1.96% to $45.
Turning now to market indices: All indexes are in the red at midday, however the one declining the least is the Health Care index down 23 points at 8,326. Shares in Cochlear advanced 2.23% to $65.87. Shares in Celestis and Ramsay Healthcare are also higher.
The worst performing sector at midday is the Materials index, down 307 to 12,294. Shares in Lihir Gold fell 3.19% to $3.03. While shares in BHP Billiton and Bluescope Steel are also lower at noon.
Looking to New Zealand and the NZSX50 is 25 points lower.
Taking a look at the top 5 stocks by turnover: Telecom New Zealand tops the list with stock down 0.82% at $2.42 followed by Fletcher Building, Goodman Property Trust, Fisher & Paykel Healthcare and Sky City Entertainment.
To gold and the dollar: Gold is trading at US$1,094.40 an ounce and the Aussie dollar is trading at 90.09 US cents.
