The local share market is in the red at midday with weak metals prices and a strong Aussie dollar weighing on the miners like majors BHP and Rio, investors are hanging on the sidelines ahead of key jobs data out of the US tonight.
The S&P/ASX200 index is down 19 points at 4,672 and on the futures market, the SPI200 is down 16.
To company news: BlueScope Steel Ltd (ASX:BSL) has appointed Pat Finan as executive general manager of the company’s new global building and construction markets business development group. Mr Finan will take on the role from November 1, 2010 and will be responsible for assisting the sales teams in the expanding building and construction markets. Shares in BlueScope Steel are 0.88% lower at $2.25.
And Waratah Gold Ltd (ASX:WGO) is to acquire an iron ore project in the Republic of Congo, Central West Africa. The company will launch a capital raising to fund the US$1.7 million acquisition which also involves the issue of Waratah shares at certain project achievements. Shares in Waratah Gold are 36.36% stronger at $0.30.
Turning now to market indices: The best performing sector at midday is Telco Services with the index up 9 points to 920. Shares in Eftel are up 18.18% to $0.013. Shares in Telstra and iiNet are also higher.
The worst performing sector at midday is Health Care, with the index down 65 points to 8,206. Shares in Ramsay Health Care are 2.91% weaker at $15.34. Shares in CSL and ResMed are also lower at noon.
To New Zealand now, the NZSX50 is down 4 points. Taking a look at the top 4 stocks by turnover: Telecom of New Zealand tops the list with stock up 0.49% at $2.05 followed by; Westpac, ANZ, and Sky City Entertainment Group.
To gold and the dollar: Gold is trading at $1335 US an ounce and the Aussie dollar is trading at 98.06 US cents.
