The Australian share market is steady at noon, despite a healthy lead from Wall St amid mixed US company results. The major miners opened flat, after having lifted at close on Tuesday. While the latest economic report from the Westpac-Melbourne Institute has shown consumer sentiment has dropped in the wake of the nation’s flooding crisis, the index dipping 5.7 per cent to 104.6 points in January.
The S&P/ASX200 index has lost 2 points and is 4,800 at noon. On the futures market the SPI up 5 points.
Company news: Mineral sands producer Iluka Resources Ltd (ASX:ILU) has reported a 63.4 per cent jump in full-year sales revenue to $897.8 million. Iluka says the results were underpinned by higher sales volumes and higher average prices for zircon. In 2010 zircon sales were 478,700 tonnes, more than doubles the year before and Iluka says it finished the year in the position of being unable to satisfy the strong customer demand for zircon products. Shares in Iluka Resources have lifted 1.25 per cent and at $8.93.
Gold miner Ramelius Resources Ltd (ASX:RMS) has posted record production and sales for the half year to 31 December 2010. Ramelius says record sales of $44 million in the December quarter contributed to record half year gold sales of $84 million. In the last six months of 2010 Ramelius posted record gold production of 51,911 ounces. Ramelius Resources have risen 5.26 per cent and are trading at $1.00.
Turning to market indices: The best performing sector is Consumer Discretionary with the index rising 7 points to 1,527. Shares in Pacific Brands have risen 4.57 per cent to $1.03. Shares in Harvey Norman Holdings and OrotonGroup have also lifted at noon. The worst performing sector at midday is Real Estate Investment Trusts, losing 7 points to 859. Shares in Stockland have eased 1.59 per cent and are $3.72. Shares in Dexus Property Group and Ardent Leisure Group have also dropped at midday.
To New Zealand: The NZSX50 is up 9 points. Taking a look at the top 4 stocks by turnover, Westpac is at the top of the list with stock 0.69 per cent higher at $29.20; 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 99.91 US cents.
