The Australian share market is flat at midday, a positive lead from the US cancelled out by a 3% fall in BHP shares. The S&P/ASX200 index is down 7 points at 4,470 and on the futures market, the SPI200 is down 8.
In economic news: The Westpac-Melbourne Institute’s index of economic activity has shown that economic growth was steady in June, falling 0.1%.
To company news: Leighton Holdings Ltd (ASX:LEI) has announced it has been awarded a $409 million rail contract for the construction of tunnel sections on the Hong Kong Express Rail Link. Australia’s largest construction company advises that the project is the second to be awarded to Leighton Asia, following a $463 million contract awarded in March. Leighton says upon completion the tunnel will greatly enhance the accessibility between Hong Kong and mainland China. Contract work is expected to start this month with completion scheduled in 2015. Shares in Leighton Holdings are 1.29% down at $31.29.
Boral Ltd (ASX:BLD) has posted a net loss of $90.5 million for the 12 months to 30 June, compared with a $142 million profit for the same time last year. The building products maker says revenue also dropped from 2009 to $4.49 billion, with the write downs made on numerous businesses, attributed to the lower result. Boral advises the outlook for the following year remains difficult, with mixed short term prospects in a number of its key Australian markets. Shares in Boral are 0.91% down at $4.36.
Turning now to market indices: The best performing index the Consumer Staples sector, up 69 points to 7,756. Shares in Woolworths are 0.89% higher at $27.11. Shares AWB and Fosters Group also higher at noon. The worst performing index is the Health Care sector, down 129 points to 7,979. Shares in Primary Healthcare dropped 4.94% to $3.08. Shares in Ramsay Health Care and CSL are also lower at midday.
To New Zealand now and the NZSX50 is up 14 points. Taking a look at the top 4 stocks by turnover: Fletcher Building heads the list with stock down 2.37% at $7.35 followed by; Telecom of New Zealand, Sky City Entertainment Group and Kiwi Income Property Trust.
To gold and the dollar: Gold is trading at $1226 US an ounce and the Aussie dollar is trading at US 90.32 cents.
