The Australian share market has defied positive offshore leads and dipped 0.1 per cent at noon. Renewed European debt woes and ongoing uncertainty in Libya continues to weigh on investors. The miners have slumped to the worst performing sector, offsetting stronger financials.
The S&P/ASX200 index has lost 24 points and is 4,784 at noon. On the futures market the SPI is 19 points lower.
Economic news: The Westpac-Melbourne Institute has reported that consumer sentiment has slumped to a nine month low in March. The index of consumer sentiment dropped 2.4 per cent to 104.1, after a 1.9 per cent rise the month before. The latest figure is 11.3 per cent under the same time a year before.
Company news: Lead Lease Group (ASX:LLC) has today announced a number senior management appointments, including the relocation of its CEO Rob Leaver to Singapore to head the property developer’s Asian operations. Mark Menhinnitt will step into the role of Australian CEO from 1 April, 2011. Also, The New South Wales government has today approved four proposals at Lend Leases $6 billion Barangaroo development on the Sydney harbour foreshore. Shares in Lead Lease Group have slipped 1.1 per cent at noon and are trading at $9.00.
Shares in Extract Resources Ltd (ASX:EXT) have continued to rise today, following news Chinese state-owned CGNPC Uranium Resources has launched a $1.2 billion bid for the Extract’s major shareholder, Kalahari Minerals. Extract has today advised that CGNPC intends to seek relief from the Australian Securities and Investments Commission (ASIC) from making a formal takeover bid for Extract, given its stake in Extract will be over 20 per cent should it acquire Kalahari. Extract says it intends to make a submission to ASIC, recommending the bid only gets the go-ahead if Extract shareholders are not disadvantaged. By noon shares in Extract Resources had advanced 7.24 per cent and were trading at $10.66.
Best and worst performers: The best performing sector is Utilities lifting 14 points to 4,189. Shares in Duet Group have gained 1.28 per cent and are $1.585. Shares in AGL Energy and Spark Infrastructure have also improved at midday. The worst performing sector is Materials, falling 175 points to 13,986. Shares in St Barbara have fallen 3.62 per cent to $2.13. Shares in Medusa Mining and Kagara have also dipped at midday.
New Zealand: The NZSX50 is flat. Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock down 0.68 per cent at $8.78 followed by Telecom Corporation of New Zealand, ANZ and Westpac.
Gold and the dollar: Gold is trading at $US1428 an ounce and the Aussie dollar is buying $1.0078 US cents.
