The Australian share market is 0.3 per cent lower at noon, following weak overseas leads. Local shares have eased on renewed concerns over Europe’s sovereign debt crisis, with speculation Portugal will be the latest to accept a bailout. While Australia-wide, Queensland’s flooding crisis continues to weigh on the miners and insurers.
The S&P/ASX200 index has dropped 12 points and is 4,700 at noon. On the futures market the SPI is 16 points lower.
Company news: Beach Energy Ltd (ASX:BPT) has declared its 8.5 cent per share offer price for Impress Energy Ltd (ASX:ITC) as final, but extended the offer until 21 February. The oil and gas producer says it currently holds a 65.25 per cent majority stake in Impress, and has urged Impress shareholders to accept its final offer. Beach Energy’s offer values Impress Energy at around $75.3 million. Shares in Beach Energy have slipped 1.16 per cent and are $0.85 at noon.
Fund manager Perpetual Ltd (ASX:PPT) has appointed Chris Ryan as its new Managing Director and Chief Executive Officer, replacing David Deverall as CEO. Mr Ryan is set to receive fixed remuneration of $1.23 million per year, a $500,000 sign-on payment, one-off incentive grant of up to $600,000 of shares, in addition to long and short term incentives. Mr Ryan had earlier held positions with of HSBC, Fidelity International and ING Investment Management and his new position will be effective from 14 February. Shares in Perpetual have fallen 0.75 per cent and are $31.58 at noon.
Market indices: The best performing sector is Telco Services with the index rising 9 points to 967. Shares in Telsra have added 1.44 per cent to $2.82. Shares in Hutchison Telecommunications and Telecom of New Zealand have also lifted at noon. The worst performing sector at midday is Industrials, losing 25 points to 3,749. Shares in Boart Longyear have eased 2.47 per cent and are $4.74. Shares in Cabcharge Australia and Qantas have also dropped at midday.
To New Zealand: The NZSX50 is steady. Taking a look at the top 4 stocks by turnover, Westpac is at the top of the list with stock 0.62 per cent down at $28.62; followed ANZ, Telecom Corporation of New Zealand and Fletcher Building.
To gold and the dollar: Gold is trading at $US1,375 an ounce and the Aussie dollar is buying 99.11 US cents.
