Australian shares are lower at midday, declines in the miners on softer commodity prices, dragging on the market.
The S&P/ASX200 index is down 25 points at 4,437 and on the futures market, the SPI200 is down 26.
To economic news: The ABS has reported that new motor vehicle sales fell 1.2% in June. The Melbourne Institute survey of consumer inflationary expectations found the median expected inflation rate dropped to a rate of 3.3% in July, down from 3.4% in June.
To company news: Sigma Pharmaceuticals (ASX:SIP) has downgraded its net profit guidance from $80 million to between $43 and $47 million for the year to January 2011. The company says poor performance from its generics division and a number of significant one-off corporate costs are to blame for the downgrade. Shares in Sigma are down 2.06% at $0.475
Nufarm Ltd (ASX:NUF) has advised that it will not achieve an existing borrowing covenant by a small margin. The company says it will continue negotiations with its lenders to seek a temporary adjustment. In other news, Newfarm has downgraded its earnings forecast for the full year. Shares in Nufarm are down 26.53% at $3.85
Turning now to market indices: The best performing index is the Industrials sector, up 68 points to 3,383. Shares in Intoll Group are 30.04% higher at $1.45. Shares in Transurban Group and Leighton Holdings are also higher at noon.
The worst performing index is the Health Care sector, down 127 points to 8,179. Shares in CSL dropped 2.78% to $32.82. Shares in Primary Health Care and Healthscope are also lower at noon.
To New Zealand now and the NZSX50 is down 13 points. Taking a look at the top 4 stocks by turnover: Telecom of New Zealand heads the list with stock down 3.05% at $1.91 followed by; Fletcher Building, ANZ Banking Group and Auckland International Airport.
To gold and the dollar: Gold is trading at US$1,212.20 an ounce and the Aussie dollar is trading at 87.93 US cents.
