Aussie shares are lower at midday, dragged down by losses in the financial sector, overshadowing gains in the miners.
The S&P/ASX200 index is down 14 points at 4,399 and on the futures market, the SPI200 is down 22.
In economic news out today: The National Australia Bank’s index of business confidence for the June quarter has fallen by 14 points to three index points. To company news: Jetset Travelworld Ltd (ASX:JET) says it will consider the issues raised by the Australian Competition and Consumer Commission in relation to its proposed $440 million merger with Stella. The competition watchdog says that the merger could result in a significant and sustained price increase for leisure travel, and on Wednesday released a statement of issues seeking further information. Shares in Jetset are down 1.22% at $0.81.
Copper and gold producer PanAust Ltd (ASX:PNA) has reported 12,211 ounces of gold concentrate production in the June quarter, a 46% rise compared to the same time last year. The company reported its main operation in Laos produced 16,012 tonnes of copper concentrate in the June quarter, 49% growth on the previous corresponding period. PanAust says it is on target to reach its 2010 full year production guidance following positive results in second quarter production. Shares in PanAust are down 0.94% at $0.525.
Turning now to market indices: The best performing index is the Materials sector, up 39 points to 11,722. Shares in Discovery Metals are 10.14% higher at $0.76. Shares in Western Areas and Sandfire Resources are also higher at noon.
The worst performing index is the Financials sector, down 35 points to 4,294. Shares in ING Office Fund dropped 3.17% to $0.61. Shares in Westfield Group and Commonwealth Bank are also lower at noon.
To New Zealand now and the NZSX50 is down 16 points. Taking a look at the top 4 stocks by turnover: Telecom of New Zealand heads the list with stock down 0.51% at $1.95 followed by; Kathmandu Holdings, Fletcher Building and AMP Ltd.
To gold and the dollar: Gold is trading at US$1,186.55 an ounce and the Aussie dollar is trading at 87.61 US cents.
