The Australian share market is lower at midday by over half a per cent, stocks dragged down by weak overseas leads and disappointing housing sales data out of the US, igniting economic recovery concerns.
The S&P/ASX200 index is down 28 points at 4,354 and on the futures market, the SPI200 is down 31.
In economic news: The ABS today reported that construction work in Australia increased 3.5 per cent for the three months to 30 June, above analysts forecasts.
To company news: Shares in WorleyParsons (ASX:WOR) have fallen this morning, as the engineering group today revealed a 25.5% drop in full-year net profit to $291.1 million. The company says the result was within its guidance, and achieved amid difficult conditions, including market volatility and the headwind of a strong Australian dollar. A final dividend of 40 cents per share has been declared. Shares WorleyParsons are 7.51% down at $20.57.
Shares in Macarthur Coal Ltd (ASX:MCC) have also taken a dive in early trade. Yesterday the miner reported a full year 25.8 per cent profit rise, to $125.1 million, and today announced the completion of a $438.7 million institutional investment. Macarthur advises the new shares were priced at $11.50 per share, representing a 6.9 per cent discount to Macarthur’s closing price on Monday. Shares in Macarthur Coal are 7.93% down at $11.38.
Turning now to market indices: The best performing index Health Care sector, up 19 points to 7,945. Shares in Sonic Healthcare are 2.87% up at $11.11. Shares in Ansell and CSL also higher at noon.
The worst performing index is the Energy sector, down 195 points to 14,645. Shares in WorleyParsons dropped, price as mentioned before. Shares in Roc Oil Company and Riversdale Mining are also lower at midday.
To New Zealand now and the NZSX50 is down 8 points Taking a look at the top 4 stocks by turnover: Telecom of New Zealand heads the list with stock up 0.49% at $2.04 followed by; Fletcher Building, Westpac Banking Corporation and ANZ.
To gold and the dollar: Gold is trading at $1231 US an ounce and the Aussie dollar is trading at 88.59 US cents.
