The Australian share market is in the red at noon, as the economic effects of the proposed flood tax offset stronger metal prices.
The S&P/ASX200 index has weakened 11 points and is 4,795 at noon. On the futures market the SPI is down 8 points.
Company news: ResMed Inc. (ASX:RMD) has posted a record first-half revenue thanks to improved sales in the Europe and Asia-Pacific region. Operating profit for the December quarter was $US69.9 million, a rise of 21 per cent compared to the same period the year before. Total first-half revenue increased 13 per cent to $US588 million. The chief executive said he expected to see continued growth in the growing sleep disorder and breathing market. Shares in ResMed are down 1.23 per cent at $3.20.
Australia and New Zealand Banking Group (ASX:ANZ) has secured a 36.4 per cent stake in Oaks Hotels & Resorts Ltd (ASX:OAK) according to Fairfax Media. The media report discloses that ANZ has appointed receivers from PricewaterhouseCoopers to Centrepoint Holdings and The Oaks Apartment Management. The two firms, owned privately by the Oaks chief executive, control more than a third of the shares in Oaks. Oaks has an estimated $77 million debt and is under pressure to raise more money, with the deadline due to expire on Monday. The Oaks owns almost 35 hotels in Australia and Dubai. Shares in ANZ Banking Group are up 0.13 per cent at $23.61.
Turning to market indices: The best performing sector is Real Estate Investment Trusts with the index adding 3 points to 864. Shares in Goodman Group have risen 2.31 per cent to $0.665. Shares in Westfield Group and Abacus Property Group have also advanced at noon. The worst performing sector at midday is Materials, losing 135 points to 13,850. Shares in Sundance Resources have eased 5.94 per cent and are $0.475. Shares in Lynas Corporation and BHP Billiton have also fallen at midday.
To New Zealand: The NZSX50 is down 1 point. Taking a look at the top 4 stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with a gain of 0.43% at $2.32; followed by ANZ, Fisher and Paykel Healthcare Corporation and AMP.
To gold and the dollar: Gold is trading at $US1,314 an ounce and the Aussie dollar is buying $US99.05.
