The Australian share market is lower at midday, down over half a per cent, stocks sliding after a weak Wall St session and disappointing company results, failing to inspire investors. The S&P/ASX200 index is down 32 points at 4,397 and on the futures market, the SPI200 is down 27.
To company news: Origin Energy (ASX:ORG) has delivered a 10 per cent increase in annual operating profit to $585 million, on the back of high generation revenues and an expanded portfolio. The gas and electricity utility expects an increase of 15 per cent in underlying profit for fiscal 2011, and says investments made throughout the year will provide substantial cash flow to generate growth. A fully franked final dividend of 25 cents per share has been declared. Shares in Origin Energy are 0.64% down at $15.50.
Flight Centre Ltd (ASX:FLT) has announced a full year profit of $140 million, almost quadrupling its earnings from the $38 million recorded last year. The travel agency says despite continuing volatility in some markets record global ticket sales, improved margins and strong cash growth was achieved, with the company’s funds more than doubling during the year. A final dividend of 44 cents fully franked has been declared. Shares in Flight Centre are 3.69% up at $19.13.
Turning now to market indices: The best performing index Telcos sector, up 8 points to 964. Shares in Amcom Telecommunications are 3.28% up at $0.315. Shares in Telstra and Singapore Telecommunications also higher at noon. The worst performing index is the Consumer Staples sector, down 171 points to 7,706. Shares in AWB dropped 1.02% to $1.45. Shares in Coca-Cola Amatil and Woolworths are also lower at midday.
To New Zealand now and the NZSX50 is flat. Taking a look at the top 4 stocks by turnover: Telecom of New Zealand heads the list with stock down 0.48% at $2.06 followed by; Fletcher Building, Sky City Entertainment Group and Westpac Banking Corporation.
To gold and the dollar: Gold is trading at $1221 US an ounce and the Aussie dollar is trading at 88.88 US cents.
