With mixed leads from offshore markets overnight the local share market is lower at midday weighed down falls in the banks and mining stocks, with the miners pressured by weaker base metals prices.
The S&P/ASX200 index is 13 points lower at 4,894, and on the futures market, the SPI200’s down 3.
In company news: Sugar and building products company CSR Ltd (ASX:CSR) says the Federal Court has upheld an appeal by the company against an earlier ruling blocking its demerger proposal. In February the Federal Court ruled against the proposed demerger on concern for the company to meet its asbestos compensation commitments. The proposal will now be put to shareholders for approval and if given the green light will see CSR spin-off its sugar and renewable energy business into a company called Sucrogen to be listed on the ASX. CSR shares gained 1.7% to $1.81.
Shares in biopharmaceutical company CSL Ltd (ASX:CSL) have taken a hit today after US peer Baxter International cut its full year forecast. Baxter International, which is the largest producer of plasma medicines in the US, slashed its guidance for the year due to a slowdown in sales. Despite comments the industry was recession proof, it appears the GFC has finally caught up, with Baxter reportedly saying it overestimated strength in the market. Consequently CSL, which is the second largest producer of plasma medicines in the US, saw its shares tumble in response. Shares in CSL plunged 7.19% to $33.97.
Turning now to market indices: The best performing sector at midday is the Real Estate Investment Trust index, up 13 points to 895. Shares in CFS Retail Property Trust rose 1.59% to $1.92. Shares in Westfield Group and Mirvac Group at noon.
The worst performing sector is the Health Care index, down 380 points to 8,677. Shares in CSL dropped, price as mentioned before, while shares in Ramsay Health Care and Aevum are also lower.
Looking to New Zealand and the NZSX50 is 15 point higher. Taking a look at the top 4 stocks by turnover: Topping the list is Telecom of New Zealand - stock up 1.38% at $2.21 - followed by Ebos Group, Fletcher Building and Downer EDI.
To gold and the dollar: Gold is trading at US$1,139.70 an ounce and the Aussie dollar is trading at 92.62 US cents.
