Aussie shares are almost one per cent down, following on from Wall St closing weaker amid a surprise jump in US unemployment claims. All sectors are in the red at noon, with banking stock weighing on the market.
The S&P/ASX200 index is down 45 points at 4,589 and on the futures market, the SPI200 is down 50.
To company news: Rio Tinto Ltd (ASX:RIO) is set to invest US$230 million to boost the capacity of its Pilbara iron ore operations. The global miner says the expansion of its Dampier port will add an extra five million tonnes of annual capacity to reach 230 million tonnes per year by early 2012. The investment will increase ship loading capacity and rail stock, and comes in addition to US$91 million funding announced earlier this year. Rio says is Parker Point facility at Dampier port is its single largest and busiest port operation. Shares in Rio Tinto are 0.79% down at $75.44.
OrotonGroup Ltd (ASX:ORL) has improved its full year net profit by 18 per cent to $23 million, and delivered an 8 per cent increase in revenue to $146.37 million. The fashion retailer says like for like sales rose by 10 per cent for its Oroton brand. The group also has an exclusive licence with Polo Ralph Lauren, Polo posting a 6 per cent drop in sales for the period. CEO Sally Macdonald says the group will remain vigilant but confident and focus on full price sales to return the brand to positive growth this year. A fully franked final dividend of 26 cents per share has been declared. Shares in OrotonGroup are up half a per cent at $8.01.
Turning now to market indices: The sector with the least losses is Health Care, with the index down 40 points to 8,261. Shares in Cochlear are up 1.18% to $70.40. Shares in Sonic Healthcare and Blackmores are also higher. The worst performing sector at midday is Financials Excluding Real Estate Investment Trusts, with the index down 63 points to 5,124. Shares in Westpac have fallen 1.48% to $23.37. Shares in ANZ and Lend Lease are also lower at midday.
To New Zealand now, the NZSX50 is down 16 points. Taking a look at the top 4 stocks by turnover: Telecom of New Zealand is at the top of the list with stock down 0.49% at $2.02 followed by; Fletcher Building, Infratil and ANZ.
To gold and the dollar: Gold is trading at $1293 US an ounce and the Aussie dollar is trading at 94.82 US cents.
