The Australian share market is modestly lower at midday, dragged down by resources. The S&P/ASX200 index is down 7 points at 4,490 and on the futures market, the SPI200 is down 4.
In economic news out today: The Australian Bureau of Statistics today released the June quarter consumer price index, showing an increase of 0.6%.
To company news: According to a report in the Age, Telstra Corporation Ltd (ASX:TLS) has been fined $18.5 million for breaching the Trade Practices Act. The paper says that the Federal Court in Melbourne today found Telstra locked broadband competition out of its telephone exchanges, breaking the terms of its carrier license conditions on 27 occasions between 2006 and 2008. The Age reports that Telstra will not appeal the decision. Shares in Telstra are down 1.53% at $3.22
Riversdale Mining Ltd (ASX:RIV) says June quarter production has dropped from both the previous quarter and the same quarter last year. Coal production for the three months to June 30 was 177,000 tonnes, a decrease of 2,600 tonnes from the March quarter and 22,000 tonnes less than the same time last year. The company says excessive water and gas in the main mine shaft was largely responsible for the drop in production, and that maintenance work in the area is being undertaken. Riversdale says these efforts are expected to result in improved production for the second quarter of the current fiscal year. Shares in Riversdale Mining are down 2.19% at $10.25
Turning now to market indices: The best performing index is the Financials Excluding Real Estate Investment Trusts sector, up 10 points to 5,090. Shares in QBE Insurance Group are 1.34% higher at $16.65. Shares in IAG Insurance Group and ANZ Banking are also higher at noon.
The worst performing index is the Telco Services sector, down 14 points to 1,092. Shares in Enerji dropped 3.45% to just under three cents. Shares in Amcom Telecommunications and Telstra are also lower at noon.
To New Zealand now and the NZSX50 is up 19 points. Taking a look at the top 4 stocks by turnover: Contact Energy heads the list with stock up 2.14% at $5.72 followed by; Telecom of New Zealand , Fletcher Building and Sky Network Television.
To gold and the dollar: Gold is trading at US$1,164.10 an ounce and the Aussie dollar is trading at 89.36 US cents.