The Australian share market has fallen 1 per cent at noon on the back of strong weak leads from offshore trade. Global markets have been rattled by the political unrest in Egypt impacting our own market, with all sectors trading in the red.
The S&P/ASX200 index is down 50 points and is 4,725 at noon. On the futures market the SPI is down 59 points.
Company news: National Australia Bank Ltd (ASX:NAB) has reportedly suffered another blow to its system, Faixfaix media reporting the bank’s website how now crashed, only weeks after its computer system experienced a major systems failure. Fairfax says that a NAB spokesperson has been unable to detail the root of the problem. Shares in NAB have slipped 0.74 per cent and are trading at $24.26 at noon.
Panoramic Resources Ltd (ASX:PAN) has bought the Gidgee Exploration project from Apex Minerals NL (ASX:AXM) for $15.5 million cash. The Gidgee project covers around 1,200 kilometres of the Gum Creek greenstone belt. Shares in Panoramic Resources have lost 1.29 per cent and are trading at $2.30 at noon.
Turning to market indices, and all the indices are trading in the red at midday. The sector with the smallest losses Consumer Staples with the index down 35 to 7,873. Shares in Tassal Group have risen 4.09 per cent to $1.78. Shares in and Maryborough Sugar Factory are up while shares in Patties Foods are steady at noon. The sector with the biggest losses at midday is Consumer Discretionary, down 26 points to 1,503. Shares in Funsastic are down 5 per cent at $0.19. Shares in Aristocrat Leisure and Invocare have dropped at midday.
To New Zealand: The NZSX50 has dropped 18 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 down 0.43 per cent at $2.31; followed by Westpac, Fletcher Building Group and ANZ.
To gold and the dollar: Gold is trading at $US1,341 an ounce and the Aussie dollar is buying 98.87 US cents.
