Aussie shares are 0.2 per cent lower at noon, having received mixed leads from offshore trading. The miners have lost ground, on significantly weaker commodity prices. Shares in Qantas have lifted, following a report that the airline will resume A380 flights to the high-traffic trans-Pacific route to Los Angeles from January 17.
The S&P/ASX200 index has dropped 10 points and is 4,732 at noon. On the futures market the SPI is 11 points lower.
Company news: Major Australian retailers are facing opposition over their plans to implement GST on overseas online purchases in an effort to tackle competition. Consumer group Choice has slammed the advertising campaign launched yesterday by 21 retailers, including Harvey Norman Holdings Ltd (ASX:HVN), Myer (ASX:MYR) and David Jones Ltd (ASX:DJS). Choice blames the retailers for driving customers online because of higher prices, limited range and poor customer service. Harvey Norman executive chairman Gerry Harvey says if appropriate tax concessions are not made the company will go offshore to open stores, and send goods to Australia to evade the duty. Shares in Harvey Norman have slipped 0.68 per cent and are $2.90 at noon.
Caledon Resources (ASX:CCD) has again cut its 2010 production target as the company’s operations continue to be disrupted by flooding in Queensland. Caledon says its sales for 2010 will fall to 543,000 tonnes as opposed to its previously advised range of between 550,000 to 570,000 tonnes. The company has blamed repeated closures of rail and road access to its Cook mine and the Blackwater township, a mining town roughly 800 kilometres from Brisbane. Shares in Caledon Resources are 2.3 per cent weaker at $1.485 at noon.
Market indices: The best performing sector is Health Care with the index lifting 38 points to 9,024. Shares in BPH Corporate have advanced 17.65 per cent to $0.08. Shares in Prima BioMed and Ramsay HealthCare have also strengthened at noon. The worst performing sector at midday is Materials, easing 89 points to 14,078. Shares in Arafura Resources have fallen 7.18 per cent and are $1.615. Shares in Lynas Corporation and BHP Billiton have also dropped at midday.
To New Zealand: The NZSX50 has lifted 20 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 steady at $2.17; followed Westpac, ANZ and Fletcher Building.
To gold and the dollar: Gold is trading at $US1,383 an ounce and the Aussie dollar is buying $US1.0078.
