The Australian share market is lower at noon, resources are having a negative pull on stocks. BHP Billiton’s announcement that coal production has been significantly affected by the Queensland floods dragged the market further into the red.
The S&P/ASX200 index has lost 30 points and is 4,805 at noon. On the futures market the SPI down 39 points.
Company news: Santos Ltd (ASX:STO) says revenue increased two percent in the 2010 calendar year. This was despite an eight per cent drop in production which was offset by higher realised prices for oil and gas. Total oil and gas production was 49.9 million barrels of oil equivalent for the 12 months to December 31, 2010, falling from 54.4 million in 2009. Santos says it expects 2011 full year production to be in the range of 48 to 52 million barrels. Sales for gas and ethane production were 3 per cent lower in the fourth quarter due to flooding, sales contracts had to be met by withdrawing underground storage. Shares in Santos Ltd fell 1.29 per cent and at $13.76.
OZ Minerals Ltd (ASX:OZL) has achieved record copper and gold prices in the last quarter. Total copper production in 2010 was just over 112,000 tonnes and gold production was 196,400 ounces. The miner expects to produce 110,000 tonnes of copper and up to 205,000 tonnes of gold from its Prominent Hill mine this year. Shares in Oz Minerals Ltd have dropped 3.09 per cent and at $1.725.
Market indices: The best performing sector is Consumer Staples with the index rising 36 points to 8,007. Shares in Woolworths Ltd have risen 1.08 per cent to $28.18. Shares in Metcash Ltd and Coca-Cola Amatil Ltd have also lifted at noon. The worst performing sector at midday is Materials, losing 233 points to 14, 049. Shares in Fortescue Metals Group Ltd have eased 6.12 per cent and are $6.75. Shares in Aurora Minerals Ltd and Sundance Resources Ltd have also dropped at midday.
To New Zealand: The NZSX50 is down 4 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 0.44 per cent lower at $2.27; followed by ANZ, Fletcher Building and Bathurst Resources.
To gold and the dollar: Gold is trading at $US1,369 an ounce and the Aussie dollar is buying 99.59 US cents.
