Despite Wall Street finishing stronger overnight, Aussie Stocks are lower at midday as concerns about the global economy linger.
The S&P/ASX200 index is down 23 points at 4,254 points and on the futures market, the SPI200’s down 31.
In company news: Nuplex Industries Ltd (ASX:NPX) has released a statement in response to media speculation regarding a possible merger and acquisition activity. Nuplex have stated that they are not involved in discussions with Orica, regarding the merging of its chemical trading platforms. Shares in Nuplex are up 3.09% to $2.40.
ASX listed, Auckland International Airport Ltd (ASX:AIA) has released key financial information and operational targets for Cairns and Mackay Airports. The company became minority shareholder in the two airports in January this year. The company says it expects passenger numbers at the two airports of 3.92 million for 2010 increasing to 4.2 million in fiscal 2011. Auckland Airport forecasts operating EBITDA of $45 million for the 2010 financial year, rising to$55 million in the 2011 financial year. Shares in Auckland International Airport last traded at $1.56.
Turning now to market indices: The best performing sector at midday is the Materials index, up 29 points to 11,317. Shares in Sandfire Resources are 4.17% higher at $3.75. Shares in Nuplex Industries and Aquarius Platinum are also higher at noon.
The worst performing sector at midday is the Consumer Discretionary index, down 18 points to 1,426. Shares in Aristocrat Leisure dropped 3.23% to $3.60. Shares in APN News and Media and Fairfax Media are also lower at noon.
Looking to New Zealand and the NZSX50 is up 19 points.
Taking a look at the top 4 stocks by turnover: Fletcher Building heads the list with stock up 0.66% at $7.68 followed by; Telecom of New Zealand, Westpac Banking Corporation and Sky Network Television.
To gold and the dollar: Gold is trading at US$1,196.25 an ounce and the Aussie dollar is trading at 84.94 US cents.
