Despite positive offshore leads the Australian share market has slipped 0.3 per cent at noon, weighed down by ongoing tensions in the Middle East and North Africa. Among the sectors the big banks are all dragging, while energy stocks have risen to the top.
The S&P/ASX200 index has lost 16 points and is 4,820 at noon. On the futures market the SPI down 9 points.
Economic news: The TD Securities-Melbourne Institute has shown that consumer prices lifted in February, albeit at a slower rate than the month before because of higher food prices. The inflation gauge increased 0.2 per cent in February, down from a 0.4 per cent rise in January. In the year to February, the inflation rate was at 3.6 per cent, down from 3.4 per cent in the year to January.
Company news: Goodman Fielder Ltd (ASX:GFF) has improved its first half earnings and forecast a similar full year result to the prior year, after accounting for natural disasters and an uncertain trading conditions. In the six months to 31 December 2010, the breads and spreads manufacturer posted a first half net profit of $93 million, 3 per cent up on the prior corresponding period and 5.5 per cent up on a constant currency basis. In the same period sales revenue eased 2.2 per cent to $1.3 billion. An interim dividend of 5.25 cents per share has been declared. Shares in Goodman Fielder have slipped 2.37 per cent at noon and are trading at $1.235.
Sigma Pharmaceuticals Ltd (ASX:SIP) has boosted its full year earnings outlook after solid trading at the end of last year. The pharmaceuticals company now expects to deliver earnings before interest and tax at the upper end of its guidance of between $130 million to $150 million in the current financial year. Sigma has also announced that is has identified a potential goodwill impairment of between $30 million to $50 million on its wholesale business after the acquisition of Arrow Generics. Sigma says the potential impairment is subject still to review and further details will be released in the company’s final profit result in late March. Shares in Sigma Pharmaceuticals have advanced 4.55 per cent and are $0.46 at noon.
Best and worst performers: The best performing sector is Energy rising 104 points to 16,349. Shares in Carnarvon Petroleum have gained 5.8 per cent and are $0.365. Shares in New Zealand Oil and Gas and Beach Energy have also lifted at midday. The worst performing sector is Telco Services, falling 11 points to 951. Shares in Big Air Group have dropped 2.63 per cent to $0.185. Shares in Telstra and Telecom Corporation of New Zealand have also eased at midday.
To New Zealand: The NZSX50 has added 10 points. Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock down 0.48 per cent at $2.08 followed by Fletcher Building, ANZ and Westpac.
Gold and the dollar: Gold is trading at $US1415 an ounce and the Aussie dollar is buying $1.0126 US cents.
