The Australian share market is trading flat at midday after a relatively muted lead from offshore trading overnight. The major banks were all higher at midday, offsetting losses by mining giants BHP Billiton and Rio Tinto.
The S&P/ASX200 index is down 4 points and is 4,773 at noon. On the futures market the SPI is down 12 points.
Company news: Fortescue Metals Group Ltd (ASX:FMG) has suspended operations at its Cloudbreak iron ore mine after a worker was killed at the site late last week while conducting routine maintenance work. Fortescue says mining and processing of ore has been suspended while the company and regulatory authorities conduct an investigation. Shares in Fortescue Metals Group are 0.45 per cent higher at $6.76.
QR National Ltd (ASX:QRN) says the heavy rains across Queensland are expected to ‘adversely affect’ coal hauled for the next two months as the company faces temporary closures of coal systems and heavy flooding in access roads. QR National says the problems are further worsened by the derailment of a Pacific National train last week which resulted in the company closing its Goonyella coal haulage system. QR National says it is working to establish the full impact the weather conditions and closures will have on its full-year earnings forecast. Shares in QR National are down 1.44 per cent at $2.74.
Turning to market indices, and the best performing sector is Utilities with the index advancing 24 points to 4,403. Shares in Energy World have risen 2.83 per cent to $0.545. Shares in and SP Ausnet and DUET have also gained at noon. The worst performing sector at midday is Consumer Discretionary, easing 5 points to 1,505. Shares in News Corporation have fallen 2.42 per cent and are $16.15. Shares in Fairfax Media and Harvey Norman Holdings have also dropped at midday.
New Zealand: The NZSX50 has dropped 3 points. Taking a look at the top 4 stocks by turnover, ANZ is at the top of the list with stock down 0.16 per cent at $31.60; followed Telecom Corporation of New Zealand, Fletcher Building Group and PGG Wrightson Ltd.
To gold and the dollar: Gold is trading at $US1,405 dollars an ounce and the Aussie dollar is buying over $US1.01.
