The Australian share market is lower at noon after a weak lead from Wall St, with investors remaining concerned over Europe’s debt woes. While lower commodity prices have pushed the miners into the red.
The S&P/ASX200 index is 18 points weaker at 4,580 and on the futures market the SPI200 is down 7 points.
Company news: AMP Ltd (ASX:AMP) says it has inked an agreement with AXA Asia Pacific Holdings (ASX:AXA) and its parent AXA SA to proceed with its takeover of the company. On November 15 AMP launched a cash and scrip bid for all of AXA APH, valuing the wealth manager at $14 billion. AMP expects the deal will be put to AXA APH’s minority shareholders for their approval in the first quarter of next year. Shares in AMP have slipped 0.59 per cent to $5.08.
Aristocrat Leisure Ltd’s (ASX:ALL) credit rating has been downgraded by Standard and Poor’s, from BBB- to BB+, and placed on CreditWatch negative. The downgrade follows Aristocrat last week almost halving its full year profit forecast, now expected to reach between $50 million to $60 million in the 2010 calendar year. The consequence of the downgrade means Aristocrat will face a mild increase in borrowing costs under its existing bank facilities. Aristocrat Leisure shares are steady at $2.70.
Turning to market indices, and all are trading in the red: The sector with the smallest loss at noon is Energy with the index down 5 points to 15,249. Shares in Baraka Petroleum have climbed 16.67 per cent to $0.007 Shares in Coretrack and Santos are also higher. The worst performing sector at midday is Utilities with the index down 49 points to 4,375. Shares in Energy World Corporation have fallen 3.85 per cent to $0.375. Envestra and AGL Energy are also weaker at midday.
To New Zealand: The NZSX50 is down 4 points. Taking a look at the top 4 stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock up 0.46 per cent at $2.17; followed Westpac Banking, Charlie’s Group and ANZ.
To gold and the dollar: Gold is trading at $US1,357 an ounce and the Aussie dollar is buying 96.68 US cents.
