The Australian share market is steady at noon, trading in positive territory following generally encouraging offshore leads. Telco’s are leading the gains, capped by losses in the retail sector. Shares in Myer Holdings Ltd
(ASX:MYR) have plunged over 12 per cent, following the department store issuing a profit downgrade for the current financial year as it battles against fragile consumer confidence.
The S&P/ASX200 index has lifted 2 points and is 4,865 at noon. On the futures market the SPI down 8 points.
Economic news: The Australian Industry Group has reported that the Australian Performance of Construction Index dropped 3.6 points to 40.2 in January, representing the lowest read since June 2009, and under 50, the level that separates expansion from contraction. Also out today, the ANZ’s job advertisements series. The total number of jobs lifted 2.4 per cent in January to an average of 192,129 per week, representing a year of consecutive monthly increases. Annually total job ads were up 40.5 per cent in January – the strongest growth rate since internet ads were included in July 2000.
Company news: Fairfax Media Ltd (ASX:FXJ) has confirmed that Greg Hywood will move into the company’s top job as CEO and managing director. The newspaper publisher says former journalist Mr Hywood has extensive experience and knowledge of the company, and that his appointment comes after an international search. Mr Hywood had been acting in the CEO role since his predecessor, Brian McCarthy, left in December last year. Shares in Fairfax Media have dipped 0.36 per cent and are trading at $1.375.
Rail and ports operator Asciano Ltd (ASX:AIO) has appointed former DHL Express boss John Mullen as its new managing director and CEO. Mr Mullen will step into the role from 14 February, replacing Asciano’s current chief Mark Rowsthorn who will remain with Asciano until his contract is up in June this year. Asciano advises that Mr Mullen has extensive experience in transport and logistics and is a non-executive director for Telstra Corporation Ltd (ASX:TLS) , Brambles Ltd (ASX:BXB) and MAp Group (ASX:MAP). Shares in Asciano have lifted 0.91 per cent and are trading at $1.665.
Market indices: The best performing sector is Telco Services with the index rising 9 points to 993. Shares in Amcom Telecommunications have added 1.59 per cent to $0.32. Shares in Telstra are higher and shares in Singtel are steady at noon. The worst performing sector is Consumer Discretionary, falling 16 points to 1,537. Shares in David Jones have eased 4.23 per cent and are $4.53. Shares in Harvey Norman Holdings and Billabong International are also weaker at midday.
To New Zealand: The NZSX50 is up 13 points. Taking a look at the top 4 stocks by turnover, Telecom of New Zealand is at the top of the list with stock is down 0.45% to $2.23; followed by Telstra, Fletcher Building and Westpac.
To gold and the dollar: Gold is trading at $US1,346 an ounce and the Aussie dollar is buying $US1.013.
