The local share market is trading lower at midday with mining stocks leading the declines and after weaker than expected employment data from the US triggered losses on Wall St overnight.
The S&P/ASX200 index is 75 points lower at 4,598 and on the futures market the SPI200’s down 78 points.
In company news: Beer and wine company Foster’s Group Ltd (ASX:FGL) has appointed John Pollaers as Managing Director of Carlton and United Breweries, effective from April 7. Mr Pollaers most recently held the position of President of brewer Diageo’s Asia Pacific division. Earlier in his career Mr Pollaers was an officer of the Royal Australian Navy. Shares in Foster’s Group rose 0.38% to $5.34.
Uranium miner Energy Resources of Australia Ltd (ASX:ERA) has reported a 23% jump in profit for the year on higher revenue and record sales for the period. Net profit after tax for the 12 months to December 31, 2009 came to a record $272.6 million compared to $222 million in 2008. Revenue from the sale of uranium oxide rose 55% to a record $780.6 million compared to $691.8 million in 2008. The company says the outlook for uranium mining remains bright with a strong market and sustained government and public interest around the world in nuclear energy as a critical part of the mix in a carbon constrained economy. Shares in Energy Resources of Australia dropped 0.14% to $20.85.
Turning now to market indices: The best performing sector at midday is the Utilities index which is up 7 points at 4,171. Shares in Spark infrastructure Group added 1.14% to $1.33. Shares in AGL Energy and Challenger Infrastructure Fund are also higher.
The worst performing sector at midday is the Materials index, down 317 to 11,712. Shares in Platinum Australia fell 8% to $1.035. While shares in Western Areas and Abitya Birla are also lower at noon.
Looking to New Zealand and the NZSX50 is down 20 points. Taking a look at the top 5 stocks by turnover: Telecom of New Zealand tops the list with stock down 1.24% at $2.38 followed by; Mainfreight, Kathmandu Holdings, Tower and ANZ.
To gold and the dollar: Gold is trading at US$1,083.45 an ounce and the Aussie dollar is trading at 88.94 US cents.
