Despite a positive finish on Wall Street last Friday, the Aussie share market is flat at midday. With uncertainty surrounding the global economy and an upcoming election in Australia weighing on stocks. The S&P/ASX200 index is up 8 points at 4,404 points and on the futures market, the SPI200 is flat.
To economic news: According to data released by the ABS, housing finance commitments rose 1.9% in May, following expectations of a 1% rise.
To company news: Mirrabooka Investments Ltd (ASX:MIR) says full year profit rose 31% to $9.9 million, compared to $7.6 million the year before. The company also announced a share purchase plan to raise additional equity for investment purposes. Shareholders will be able to invest up to $15,000 in the company’s shares at the lower of $1.60 or a 2.5% discount to the average price of its shares in the five days preceding the completion of the plan. Shares in Mirrabooka Investments are down 2.86% to $1.70.
Centrex Metals Ltd (ASX:CXM) has appointed a new managing director and additional board member to the company as it proceeds to the next stage of its iron ore projects in South Australia. Jim White, former General Manager of OneSteel’s Whyalla Steelworks and General Manager of Business Sustainability, will succeed Gerald Anderson as Managing Director. Jim Hazel has also joined the board. Centrexshares are up 1.27% to $0.40.
Turning now to market indices: At the top the Materials index is up 98 points to 11,732. Shares in Andean Resources Ltd are 9.87% higher at $3.45. Shares in Iluka Resources Ltd and Equinox Minerals Ltd are also higher at noon.
And the worst performing sector is the Health Care index, down 39 points to 8,189. Shares in Acrux Ltd dropped 1.39% to $1.775. Shares in CSL Ltd and Sonic Healthcare Ltd are also lower at noon.
Looking to New Zealand and the NZSX50 is up 4 points. Taking a look at the top 4 stocks by turnover: Telecom of New Zealand heads the list with stock up 1.04% at $1.94 followed by; Fletcher Building, AMP Ltd and Air New Zealand Ltd.
To gold and the dollar: Gold is trading at US$1,210.10 an ounce and the Aussie dollar is trading at 87.35 US cents.
