Aussie shares are down 0.4 per cent at noon after Wall St closed mixed. Financials have defied the trend with the major banks lifting the sector up on strong profit results.
The S&P/ASX200 index down 18 points at 4,667 and on the futures market, the SPI200 is down16.
In economic news: The HIA/Jeld Wen home survey shows new home sales increased a modest 0.6 per cent in the month of September, yet fell 14 per cent in the September quarter. RP Data Rismark Hedonic home value index showed national dwelling values increased a mere 0.1 per cent. To company news: Ten Network Holdings Ltd (ASX:TEN) executive chairman Nick Falloon has stepped down from the company’s board, following James Packer’s $280 million share raid and consequent demands, according to The Australian. The paper reports that Mr Falloon is believed to have agreed to resigned, in a move that will be sure to herald further changes in the company. The report also says that Mr Packer is pushing for board representation and will look to revamp Ten's multi-channel strategy as well as its management structure. Shares in Ten Network Holdings are down 3.67% at $1.445.
Qantas Airways Ltd (ASX:QAN) says recovery is flowing through to its international business, though challenges remain in the airlines biggest markets, the US and the UK. Closer to home, Chairman Leigh Clifford told told the company's annual general meeting that recovery is also underway in Australia with the business market returning while the leisure market has been affected by significant capacity increases. CEO Alan Joyce says Qantas will be targeting the Asia Pacific region, which became the world’s biggest aviation market in 2009, according to the International Air Transport Association. Shares in Qantas are down 1.04% at $2.85.
Turning now to market indices: All sectors are trading in the red, the sector with the smallest losses is Financials Excluding Real Estate Investment Trusts, down 9 points to 5,118. Shares in Macquarie Group are up 3.33% to $35.70, having today beaten its half year forecast to report a profit of $403 million. Also higher are ANZ and NAB on the back of their strong results out this week. The worst performing sector at midday is Utilities with the down 61 to 4,500. Shares in AGL are 1.35% weaker at $16.03. Shares in Spark Infrastructure Group and Duet are also lower at noon.
To New Zealand now, the NZSX50 is up 18 points. Taking a look at the top 4 stocks by turnover: Westpac is top of the list with stock down 1.67% at $29.50 followed by; ANZ, Telecom of New Zealand and Sky City Entertainment Group.
To gold and the dollar: Gold is trading at $1340 US an ounce and the Aussie dollar is trading at 97.62 US cents.
