The Australian share market is flat at midday as investors received a lack lustre lead from offshore trading overnight. The major miners were all trading in red at midday despite copper price reaching a new record overnight. All the big four banks were making modest gains at midday.
The S&P/ASX200 index is down 4 points to 4,737, while on the futures market the SPI is down 11 points.
Company news: WorleyParsons Ltd (ASX:WOR) has won a contract to undertake engineering and design work at the Rumaila oil field in south Iraq, although it is awaiting approval by the Iraqi government. The contract was awarded to WorleyParsons by Iraq’s state-run South Oil, BP and China National Petroleum. The Rumaila deal is one of 12 signed with international oil companies both last year and this year as Iraq’s war-hit oil industry attempts to revamp itself and quadruple the country’s production. Shares in WorleyParons are up 1.37 per cent to $27.37.
Woodside Petroleum Ltd (ASX:WPL) has met the requests of East Timor’s government and presented a study of an onshore gas export plant in East Timor. The government in East Timor’s capital, Dili, says Woodside has met state demands to develop the Greater Sunrise gas field. Last year, Woodside and its Sunrise joint-venture partners, ConocoPhillips and Royal Dutch Shell, decided to process the gas on a floating LNG vessel, however, East Timor rejected the proposal as it wanted an onshore plant. Shares in Woodside Petroleum are 0.14 per cent lower at $42.89.
Turning to market indices, and the best performing sector is Real Estate Investment Trust with the index up 6 points to 862. Shares in Westfield Group have advanced 1.13 per cent to $12.58. Shares in Stockland Group and GPT Group are also higher. The worst performing sector at midday is Telco Services with the index down 12 points to 938. Shares in Reverse Corporation are down 4.55 per cent to $0.084. Shares in Amcom Telecommunications and IINET have also dropped at midday.
To New Zealand: The NZSX50 is up 4 points. Taking a look at the top 4 stocks by turnover, Sky City Entertainment is at the top of the list with stock up 1.92 per cent at 3.19; followed by Telecom Corporation of New Zealand, Fletcher Building Group and ANZ.
To gold and the dollar: Gold is trading at $US1,387 US an ounce and the Aussie dollar is buying 98.39 US cents.
