After a positive lead from the US, the Aussie share market is trading flat at midday. Concerns about the global economy, and profit taking after yesterday’s 2.4% gain, have seen market volumes lower today as investors exercise caution. The S&P/ASX200 index is down 2 points at 4,355 points and on the futures market, the SPI200’s down 12.
To company news: Metcash Ltd (ASX:MTS) chairman Carlos dos Santos has announced his retirement. Following the company’s annual general meeting in September this year, Mr dos Santos will be replaced by deputy chairman Peter Barnes. Mr dos Santos says it has been a privilege to have held the chairman’s position for 12 years in which he has overseen the company transition into a $12 billion business. Last week Metcash acquired supermarket chain Franklins for approximately $215 million. Metcash shares are up 0.57% to $4.425
Gloucester Coal Ltd (ASX:GCL) says they are continuing discussions with commodity company Noble group to purchase parts of Nobel’s Australian coal assets. In response to a report in The Australian Financial Review, Gloucester says no decision has been made in respect to any capital raising. Gloucester says negotiations are continuing for the purchase of Nobel’s coal assets and no agreement has as yet been reached. Gloucester Coal shares are steady at $12.43
Turning now to market indices: At the top the Energy index is up 202 points to 14,473. Shares in Santos are 6.74% higher at $13.62. Shares in Bow Energy and Oil Search are also higher at noon.
And the worst performing sector is the Materials index, down 67 points to 11,470. Shares in Perseus Mining dropped 3.98% to $2.17. Shares in Boral and Kingsgate Consolidated are also lower at noon.
Looking to New Zealand and the NZSX50 is up 11 points. Taking a look at the top 4 stocks by turnover: Fletcher Building heads the list with stock down 0.52% at $7.71 followed by; Telecom of New Zealand, Fisher & Paykel Healthcare and Westpac Banking.
To gold and the dollar: Gold is trading at US$1,199.50 an ounce and the Aussie dollar is trading at 87.5 US cents.
