The Australian share market is lower at noon after a positive start. Weak offshore leads continue to have an effect on resource stocks. Ongoing fears that China may slow its economic activity is making investors cautious.
The S&P/ASX200 index has lost 30 points and is 4,754 at noon. On the futures market the SPI down 36 points.
Company news: Village Roadshow Ltd (ASX:VRL) has confirmed in a statement it is in discussions to sell its 52.52 per cent stake in radio broadcaster Austereo Group Ltd (ASX:AEO). Austereo also issued a statement confirming the discussions. Village Roashow is looking for $400 million to $500 million for the stake. Shares in Village Roadshow Ltd rose 5.26 per cent and currently trading at $2.60.
Mining billionaire Gina Rinehart has continued to buy Fairfax Media Ltd (ASX:FXJ) shares, according to reports by both Fairfax Media and The Australian. It’s a move that flags her continuing intention to build a substantial stake in Australia’s media. The stake in Fairfax Media is said to be worth about $120 million. Reportedly, she now holds a little under 4 per cent in the company responsible for The Sydney Morning Herald and The Australian Financial Review. Shares in Fairfax Media Ltd are steady at $1.39.
Turning to market indices: The best performing sector is Consumer Staples with the index rising 22 points to 8,004. Shares in Australian Agricultural Company Ltd have risen 1.97 per cent to $1.555. Shares in Foster's Group Ltd and Coca-Cola Amatil Ltd have also lifted at noon. The worst performing sector at midday is Materials, losing 232 points to 13, 761. Shares in Fortescue Metals Group Ltd have eased 2.56 per cent and are $6.46. Shares in Lynas Corporation Limited and Sundance Resources Ltd have also dropped at midday.
To New Zealand: The NZSX50 is up 9 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 0.88 per cent higher at $2.29; followed by Westpac, Rubicon and Fletcher Building.
To gold and the dollar: Gold is trading at $US1,347 an ounce and the Aussie dollar is buying 98.64 US cents.
