Aussie shares are flat at midday, investors cautious pending a resolution on the nation’s political stalemate, and, the RBA’s announcement on interest rates, both decisions expected this afternoon. The S&P/ASX200 index is up 5 points at 4,581 and on the futures market, the SPI200 is down 11.
In economic news: The Australian Industry Group/Housing Industry Association performance of construction index (PCI) showed building activity fell 0.1 per cent to 43.2 in August, representing the lowest level in 16 months.
To company news: Andean Resources Ltd (ASX:AND) has denied claims that it breached ASX listing obligations, through not advising the exchange of a takeover proposal from Eldorado Gold Corporation. The gold explorer has been the target of take-over proposals from both Canada’s Goldcorp and Eldorado. Andean says the reason it didn’t tell the ASX was because it was holding talks with Goldcorp, and both Eldorado and Goldcorp’s offers were confidential and incomplete. Shares in Andean Resources are steady at $7.00.
Domino’s Pizza Enterprises Ltd (ASX:DMP) has dispelled rumors that it will takeover Crust Pizza. The franchise operator says it has no intention to purchase Crust Pizza. Adding, that the recent speculation about Domino’s being in negotiations with Crust Pizza is unfounded and incorrect. In August Domino’s posted a net profit of $17.8 million in fiscal 2010, up 16 per cent on the year before. Shares in Domino’s Pizza are steady at $5.40.
Turning now to market indices: The best performing sector is the Financials Excluding Real Estate Investment Trusts sector, with the index up 28 points to 5,076. Shares in QBE Insurance Group are up 2.23% to $17.44. Shares in ANZ and Westpac are also higher. The worst performing sector at midday is the Real Estate Investment Trusts sector, with the index down 6 points to 903. Shares in GPT Group dropped 0.95% to $3.13. Shares in Mirvac Group and Westfield Group also lower at midday.
To New Zealand now and the NZSX50 is 12 points higher. Taking a look at the top 4 stocks by turnover: Telecom of New Zealand is top of the list with stock up 0.48% at $2.10 followed by; Fletcher Building, Kiwi Income Property Trust and Sky City Entertainment.
To gold and the dollar: Gold is trading at $1249 US an ounce and the Aussie dollar is trading at 91.59 US cents.
