The Australian share market is flat at midday, shrugging off weak overseas lead and concern from an uncertain political climate. As the Federal election deadlock continues, stocks have performed better than expected.
The S&P/ASX200 index is up 3 points at 4,434 and on the futures market, the SPI200 is up 17.
To company news: Spark Infrastructure Group (ASX:SKI) has delivered a first half net profit of $53.6 million, down almost 20 per cent from the same time last year. Underlying net profit and total income grew however, the utility owner posting an increase of over $55 million and $146 million respectively for the six months to 30 June. The result is based on consistent growth in Sparks’ three electricity distribution businesses: ETSA Utilities, CitiPower and Powercor Australia. Shares in Spark Infrastructure Group are 1.29% up at $1.18.
Shares in both Lihir Gold Ltd (ASX:LGL) and Newcrest Mining Ltd (ASX:NCM) have today entered a trading halt as Lihir shareholders meet to vote on the proposed takeover from Newcrest. Lihir says the proposal values the company at $10 billion, and should the takeover go ahead shareholders would receive one Newcrest share for every 8.43 Lihir shares they own, plus 22.5 cents cash per share. Lihir has unanimously recommended the deal to its shareholders, adding that the merger will create a $25 billion company with a portfolio of high quality, long-life, tire one gold assets. Shares in Lihir Gold are last traded at $4.43.
Turning now to market indices: The best performing index Utilities sector, up 82 points to 4,300. Shares in Duet Group are 1.53% up at $1.66. Shares Spark Infrastructure Group and AGL Energy also higher at noon. The worst performing index is the Telco Services sector, down 53 points to 959. Shares in Telstra dropped 5.41% to $2.80. Shares in Telecom of New Zealand and Singapore Telecommunications 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: Telecom of New Zealand heads the list with stock down 1.97% at $1.99 followed by; Fletcher Building, Fisher and Paykel Healthcare and Westpac Banking Corporation.
To gold and the dollar: Gold is trading at $1228 US an ounce and the Aussie dollar is trading at 89.06 US cents.
