Aussie shares are half a percent lower at midday. Following Wall St’s weak lead, locally banks and miners have dipped, Woodside Petroleum sliding on news that Shell has sold around a third of its stake in the oil and gas producer.
The S&P/ASX200 index is down 19 points at 4,760 and on the futures market, the SPI200 is down 31.
In economic news: National Australia Bank’s monthly business survey has sagged to a 15 month low. NAB’s business index fell to 2 in October, from a read of 7 the month before and under the long-term average of 6.
To company news: Ten Network Holdings Ltd (ASX:TEN) has announced James Packer and Lachlan Murdoch have accepted Ten’s invitation to join the board. The company has also confirmed its executive chairman Nick Falloon will stand down from his role, with both changes coming into effect after Ten’s annual general meeting in December. Mr Packer, who with an 18 per cent stake is the largest shareholder, has not as yet shared his plans for the network, only to say he is confident in the future of the free-to-air television industry and of Network Ten. While Mr Murdoch, who reportedly is eyeing half of Mr Packers stake, has voiced his enthusiasm for working with the company on its multi-channel strategies. Shares in Ten Network Holdings have lifted 3.11% to $1.49 at noon.
Following a trading halt, shares in Austal Ltd (ASX:ASB) have advanced today, after the shipbuilder announced it will share a contract with Lockheed Martin to deliver 10 coastal warships to the US Navy. While the Littoral Combat Ship deal is still subject to Lockheed’s consent and US government approval, Austral expects a decision to be made before mid December. Yesterday Austal announced it had bought a Canberra-based company called Australian Technology Information (ATI) Pty Ltd. Shares in Austal have surged 8.47% and are $3.20 at midday.
Turning now to market indices: The best performing sector is Real Estate Investments Trusts, with the index up 3 points to 849. Shares in Stockland are up 1.93% at $3.70. Shares in CFS Retail Property Trust and GPT Group are also higher. The worst performing sector at midday is Energy, with the index down 293 points to 15,889. Shares in Karoon Gas Australia are down 4.46% at $9.22. Shares in Oil Search and Gloucester Coal are also lower at midday.
To New Zealand: The NZSX50 is down 1 point. Taking a look at the top 4 stocks by turnover: Telecom of New Zealand is at the top of the list with stock up 0.96% at $2.10 followed by; Auckland International Airport, Rubicon and AMP New Zealand Office.
To gold and the dollar: Gold is trading at $US1405 an ounce and the Aussie dollar is buying $US1.01.
