The Australian share market is weaker at midday, stocks sliding to a one-month low in early trade as the price of oil and gold surges. The crisis in Libya continues to weigh on investors.
The S&P/ASX200 index has fallen 40 points and is 4,787 at noon. On the futures market the SPI down 49 points.
Economic news: The Australian Bureau of Statistics figures show that GDP grew 0.7% in the December quarter of 2010.
Company news: BlueScope Steel Ltd (ASX:BSL) will increase its anti-carbon tax campaign today, according to Fairfax Media reports. The company will be conducting a tour of its Port Kembla steel works in Wollongong as part of the campaign. Chief executive Paul O’Malley argues the facility will make a loss of $100 million in the last half, and future investment in the facility would be put in jeopardy by the introduction of a carbon tax. Shares in BlueScope Steel have slipped 1.93 per cent at noon and are trading at $2.03.
Ten Network Holdings Ltd (ASX:TEN) is set to announce more board and management changes today. The broadcaster entered a trading halt this morning. Last week the network announced News Corp director Lachlan Murdoch would serve as acting chief, following the sudden departure of Grant Blackley. Ten’s results are due out in April, having downgraded its half-year earnings forecast. Shares in Ten Network fell 1.13 per cent and are trading at $1.31 at noon.
To the best and worst performers: The best performing sector is Telco Services rising 3 points to 954. Shares in iiNet Ltd have gained 0.41 per cent and are $2.43. Shares in Telstra Corporation Ltd also lifted at midday and Telecom Corporation of New Zealand is trading flat. The worst performing sector is Utilities, falling 38 points to 4,202. Shares in Spark Infrastructure Group have dropped 5.56 per cent to $1.105. Shares in Envestra Ltd and AGL Energy Ltd have also eased at midday.
To New Zealand: The NZSX50 has fallen 10 points. Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock down 2.17 per cent at $8.55 followed by Telecom Corporation of New Zealand, Cavotec MSL Holdings and Telstra Corporation.
To gold and the dollar: Gold is trading at $US1433 an ounce and the Aussie dollar is buying $1.0132 US cents.
