The Australian share market has slipped into the red, following weak overseas leads on lingering concerns over Korean conflict and European debt. Although Ireland has accepted a bailout, investors continue to remain concern other countries such as Portugal or Spain may follow. Locally the major banks and miners are lower at noon, as international worries push metals prices down.
The S&P/ASX200 index is 11 points weaker at 4,608 and on the futures market the SPI200 is down 4 points.
Economic news: RP Data-Rismark’s home value index has shown the value of capital city dwellings lifted 0.3 per cent in November. House prices in regional areas rose a mere 0.1 per cent in the period. For the first 10 months of the year, house prices added 4.3 per cent, with Australia's average house price reaching $410,000 in October.
Company news: Woodside Petroleum Ltd (ASX:WPL) has pushed back it’s Pluto liquid natural gas project and boosted the estimated cost. The oil and gas producer now expects the LNG project in Western Australia to cost $14 billion, almost 7 per cent higher than first expected. The start up date has been moved from February to August next year, with the first LNG shipment to follow one month after. Shares in Woodside Petroleum are 0.34 higher at $41.85.
Nufarm Ltd (ASX:NUF) will refinance its existing debts due to expire on 15 December this year, with a new $900 million loan. The new facility will bring Nufarm's debt funding to around $1.1 billion, which the chemicals maker says it considers an appropriate level to meet current and future growth needs. Nufarm has commissioned Rabobank to complete the debt facility as the company aims to simplify its banking arrangements. Shares in Nufarm are 4.49 per cent firmer at $4.65 at noon.
Turning to market indices, and most are trading in the red: But the best performing sector is Energy lifting 29 points to 15,421. Shares in Nexus Energy have gained 3.45 per cent and are $0.45 Shares in Santos and Woodside Petroleum have also improved. The worst performing sector at midday is Consumer Staples with the index dropping 72 points to 7,669. Shares in Metcash have lost 2.57 per cent and are $4.17, following warnings it may struggle to achieve its full-year guidance. Woolworths and Coca-Cola Amatil are also lower at midday.
To New Zealand: The NZSX50 is down 9 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 down 0.45 per cent at $2.20; followed ANZ, Westpac Banking and Fletcher Building.
To gold and the dollar: Gold is trading at $US1,367 an ounce and the Aussie dollar is buying 96.27 US cents.
