The Australian share market is flat at noon, with most sectors weaker. While Wall St closed on Monday for a national holiday, Aussie shares received negative leads as violence in Libya struck global sentiment. At home reporting season is in full swing. The miners are leading the gains with BHP Billiton Ltd (ASX:BHP) advancing on news of its biggest acquisition in six years.
The S&P/ASX200 index has eased 12 points and is 4,888 at noon. On the futures market the SPI down 22 points.
Company news: Shares in BHP Billiton have lifted following news the global mining giant has agreed to buy a substantial US shale field for $4.75 billion. The latest acquisition comes after a number of failed major deals, and less than a week after BHP booked a record first half profit of $10.5 billion. BHP says will use existing cash reserves to buy the shale assets form Chesapeake Energy Corporation. Shares in BHP Billiton have risen 2.64 per cent at noon and are trading at $47.06.
Property group Mirvac Group (ASX:MGR) has posted a $12.7 million loss for the first half of the current financial year, weighed down by a $215 million provision for loss on inventories. However, in the six months to 31 December operating profit rose 55 per cent on a 17 per cent improvement in revenue that came in at over $1 billion. Director Nicholas Collishaw signalled a positive outlook for the Australian economy and greater demand for the national office market on the back of growth in the labour market. Mirvac has declared an interim distribution of 2 cents per share. Shares in Mirvac Group are 1.98 per cent higher at noon and trading at $1.29.
To the best and worst performers: The best performing sector is Materials, adding 139 points to 14,398. Shares in Conquest Mining have gained 3.45 per cent and are $0.60. Shares in Kentor Gold and BHP Billiton have also lifted at midday. The worst performing sector is Consumer Staples, falling 117 points to 7,838. Shares in Foster’s Group have dropped 2.44 per cent to $5.60. Shares in Woolworths and Coca-Cola Amatil have also dropped at midday.
To New Zealand: The NZSX50 has lost 24 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 1.36 per cent at $2.17 followed by Westpac, Contact Energy and Air New Zealand.
To gold and the dollar: Gold is trading at $US1409 an ounce and the Aussie dollar is buying $1.0061 US cents.
