The Australian share market is trading flat at midday after starting the day lower. Concerns regarding the impact of Libya’s turmoil continue to spook investors.
The S&P/ASX200 index rose 3 points and is 4,812 at noon. On the futures market the SPI is up 4 points.
Company news: GPT Group (ASX:GPT) has returned to profitability thanks to higher asset values. The property investor is forecasting earnings growth for the year ahead. GPT booked a yearly net profit of $707.3 million to December 31. That’s compared with a loss of more than $1 billion the year prior. The company announced an interim distribution of 4.6 cents. Shares in GPT Group have risen 0.66 per cent and are trading at $3.06 at noon.
Fletcher Building Limited (Australia) (ASX:FBU) has cleared the final regulatory hurdle in its bid for Crane Group. New Zealand’s Commerce Commission approved the deal, satisfied the proposed acquisition would not have a negative effect on competition. Fletcher now needs to gain 90 per cent of Crane Group’s shares and satisfy conditions. Shares in Fletcher Building have dropped 0.31 per cent and are trading at $6.34 at midday.
Market indices: The best performing sector is Consumer Staples with the index advancing 65 points to 7,826. Shares in Foster's Group have risen 1.78 per cent to $5.71. Shares in Woolworths and Coca-Cola Amatil are also higher at midday.
The worst performing sector is Utilities, dropping 32 points to 4,229. Shares in APA Group have fallen 1.23 per cent and are $4.02. Shares in AGL Energy and SP AusNet are also lower at midday.
New Zealand: The NZSX50 has fallen 10 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 0.47 per cent at $2.10 followed by Fletcher Building, Westpac and ANZ.
Gold and the dollar: Gold is trading at $US1,405 an ounce and the Aussie dollar is buying $1.0115 US cents.
