The local share market is flat at midday as weaker base metals prices weigh on the miners, however banks are in positive territory on optimism for the US reporting period.
The S&P/ASX200 index is down 2 points at 4,408 points and on the futures market, the SPI200 is up 5.
To economic news: NAB released its monthly business survey for June today, with the survey’s main measure of business conditions rising 2 points to a read of 8 in June. NAB’s measure of business confidence eased a point to 4 for the month.
To company news: Agricultural chemicals maker Nufarm Ltd (ASX:NUF) says chairman, Kerry Hoggard has informed the company that he is unable to continue his role due to health reasons. Mr Hoggard has decided to retire from the role as chairman with immediate effect. Nufarm says it is meeting later today to confirm a new chairman with an announcement expected before the market opens tomorrow. Shares in Nufarm down 0.75% to $5.31
Provider of broadband wireless communications services, BigAir Group Ltd (ASX:BGL) has signed a strategic master supply agreement with NTT Australia which will boost its customer base. BigAir says the strategic nature of the relationship with NTT Australia means that it will not only be adding some high profile blue chip customers to its data base but the agreement will expand the company’s network specifically to service larger customer opportuntities. The company says the agreement is a further step in its planned growth strategy for 2010. Shares in BigAir up 5.88% to $0.18
Turning now to market indices: The best performing index is the Health Care sector up 95 points to 8,294. Shares in Cochlear are 2.48% higher at $72.76. Shares in Sonic Healthcare and CSL Ltd are also higher at noon.
And the worst performing index is the Materials sector, down 165 points to 11,591. Shares in Fortescue Metals Group dropped 3.59% to $4.30. Shares in Kingsgate Consolidated and Dominion Mining are also lower at noon.
Looking to New Zealand and the NZSX50 is down 6 points. Taking a look at the top 4 stocks by turnover: Telecom of New Zealand heads the list with stock down 1.03% at $1.93 followed by; Sky Network Television, Auckland International Airport and Fletcher Building.
To gold and the dollar: Gold is trading at US$1,200.45 an ounce and the Aussie dollar is trading at 87.49 US cents.
