The Australian share market is almost .2% lower at midday, with the Consumer Discretionary sector dragging the market lower.
The S&P/ASX200 index is down 9 points at 4,562 and on the futures market, the SPI200 is down 4 points.
In economic news: ABS balance of goods and services for June recorded a surplus of $3.54 billion seasonally adjusted, significantly higher than the $1.83 billion for May. ABS house price index increased 3.1% for the June quarter, compared to a downwardly revised 4.2% for the March quarter. To company news: Wattyl Ltd (ASX:WYL) says it has achieved an unaudited net profit after tax of $5.2 million for the year to 30 June, compared with a loss of $1.5 million the year before. The paint maker says earnings before non-recurring items and before interest and tax was $14.9 million for the last financial year, double the $6.6 million in 2009. Wattyl will release its audited full year financial results on 24 August. Shares in Wattyl are up 0.3% at $1.645.
Bki Investment Company Ltd (ASX:BKI) has posted a 35% increase in net profit after tax to $31.15 million for the year to 30 June. The equities investor also reported net operating profit increased by 8.4% on the previous financial year to $22.4 million. CEO Tom Millner says reduced company distributions over the last 18 months had an impact on earnings generated by investment companies, however BKI retains confidence that distributions should continue to improve, adding, that with market negativity comes opportunity. Shares in Bki Investment Company are up 1.65% at $1.23.
Turning now to market indices: The best performing index is the Telcos sector, up 8 points to 1,116. Shares in iiNet are 4.24% higher at $2.95. Shares Macquarie Telecom and Telstra are also higher at noon. The worst performing index is the Utilities sector, down 32 points to 4,197. Shares in Spark Infrastructure Group dropped 2.52% to $1.16. Shares Energy World Corporation and AGL Energy are also lower at midday.
To New Zealand now and the NZSX50 is down 7 points. Taking a look at the top 4 stocks by turnover: Fletcher Building heads the list with stock steady at $7.60 followed by; Fisher and Paykel Healthcare, Telecom of New Zealand and Auckland International Airport.
To gold and the dollar: Gold is trading at US$1194 an ounce and the Aussie dollar is trading at 91.32 US cents.
