The Australian share market is flat at noon, following on from weak leads from Europe overnight. The US markets were closed for a national holiday. Locally gains in the banks offset losses in the miners who remain concerned over the impact of the floods on resources. Economists from ANZ have predicted the recovery bill could hit as much as $20 billion.
The S&P/ASX200 index has added 7 points and is 4,770 at noon. On the futures market the SPI is 9 points higher.
Company news: Webjet Ltd (ASX:WEB) has flagged overseas expansion, striking deals with a number of international companies to propel its development. Among the deals, the online travel agent has inked a 50 per cent joint venture agreement with World Aviation Services Ltd Malta, enabling it to enter emerging European markets. Webjet has also stuck a supply deal with online hotel sales business, Hotel Club to expand its global business. Shares in Webjet have firmed 0.41 per cent and are $2.46 at noon.
Property developer Lend Lease Group (ASX:LLC) says its concept plans for the Calderwood urban development south of Sydney have been given the green light from the state government. The 700 hectare project is located in the Illawarra region of New South Wales and will feature up to 4,800 homes with more than 50 hectares including retail community and education facilities. Lend Lease says the development will occur over the next 20 years with sales and construction expected to start this year. Shares in Lend Lease Group have lifted 1.48 per cent and are $8.94 at noon.
Market indices: The best performing sector is Real Estate Investment Trusts with the index gaining 6 points to 861. Shares in Abacus Property Group have improved 0.89 per cent to $2.27. Shares in ING Office Fund and Stockland have also lifted at noon. The worst performing sector at midday is Telco Services, losing 5 points to 979. Shares in Amcom Telecommonications have lost 3.03 per cent and are $0.32. Shares in iiNet and Telstra have also dropped at midday.
To New Zealand: The NZSX50 is flat. Taking a look at the top 4 stocks by turnover, ANZ is at the top of the list with stock 0.17 per cent down at $29.25; followed Telecom Corporation of New Zealand, Westpac and Fletcher Building. To gold and the dollar: Gold is trading at $US1,363 an ounce and the Aussie dollar is buying 99.05 US cents.
