The Australian share market has lost 0.4 per cent at noon, following mixed overseas leads. Sentiment on Wall St dipped on weaker retail sales data, while closer to home investors continue to keep an eye on companies impacted by flooding in Queensland. The major miners are down, with the materials sector pulling the market lower.
The S&P/ASX200 index has dropped 17 points and is 4,708 at noon. On the futures market the SPI is 15 points lower.
Company news: In an update to the market, the operator of the Australian Securities Exchange, ASX Ltd (ASX:ASX) says ASX-listed stocks ended last year on a relatively strong note. The All Ordinaries Index was up 3.5 per cent in December 2010 though slipped 0.7 per cent in the year, compared to a 33.4 per cent jump in 2009. ASX reports that 2010 saw 126 new entities listed, up from 59 the year before, while initial capital raised in 2010 was $25 billion, over triple the $7.5 billion recorded in 2009. Shares in ASX have slipped 0.18 per cent and are trading at $37.78 at noon.
CGA Mining Ltd (ASX:CGX) has announced record total production in the 2010 December quarter of 50,330 ounces and a quarterly throughput level of around 1.5 million tonnes. The dual-listed gold miner says the results represent the seventh consecutive quarter where record levels of both throughput and production have been achieved. CGA advises that the records have been achieved without expansion plans, which are planned for this coming quarter. Shares in CGA Mining have lost 2.41 per cent and at $2.83 at noon.
Market indices: The best performing sector is Industrials with the index 14 points higher to 3,735. Shares in CSR have added 3.03 per cent to $1.70, following an announcement to return $800 million to investors. Shares in Cabcharge Australia and Qantas have also risen at noon. The worst performing sector at midday is Materials, dropping 166 points to 13,894. Shares in Iluka Resources have eased 3.84 per cent and are $8.52. Shares in Murchison Metals and BlueScope Steel have also dropped at midday.
To New Zealand: The NZSX50 is flat. Taking a look at the top 4 stocks by turnover, Westpac is at the top of the list with stock 2.22 per cent stronger at $29.49; followed ANZ, Telecom Corporation of New Zealand and Fletcher Building.
To gold and the dollar: Gold is trading at $US1,371 an ounce and the Aussie dollar is buying 99.46 US cents.
