The Australian share market has dipped 0.3 per cent at noon after US stocks closed with little changed. The miners have dropped sharply, pulled down by weaker metals prices. Health Care is the only sector trading in positive territory.
The S&P/ASX200 index has fallen 37 points and is 4,731 at noon. On the futures market the SPI is 45 points lower.
Economic news: The Australian Bureau of Statistics has reported that the country’s jobless rate remains steady at 5 per cent in February. The latest labour force data reveals 47,600 new full-time jobs were added in the month, though 57,700 part-time jobs were lost, representing a net loss of 10,100 jobs.
Company news: Rio Tinto Ltd (ASX:RIO) has sweetened its bid for Mozambique-focused coal miner Riversdale Mining Ltd (ASX:RIV) in an effort to entice shareholders to take up the offer. The global mining giant has lifted the bid by 3 per cent to $16.50 per share, if Rio acquires more than a 50 per cent stake in Riversdale by 23 March, or in the absence of a competing proposal. Shares in Riversdale rose in early trade, only to fall 2 per cent to around $14.78 at noon, well under Rio’s offer price. At noon, shares in Rio Tinto have fallen 1.54 per cent and are trading at $81.11.
Packaging companies Amcor Ltd (ASX:AMC) and Visy Board Pty Ltd will pay $95 million plus legal costs to settle a class action alleging price fixing. Amcor will pay $63.3 million, around double Visy who will pay $31.7 million, to settle the so called Jarra Creek case led by Maurice Blackburn that initially sought over $1 billion in damages. Acting for 4,500 small businesses, Barrister Tony Bannon SC today told the Federal Court that a settlement has been reached and the deed signed. Shares in Amcor have firmed 0.14 per cent and are trading at $7.00 at noon.
Best and worst performers: The best performing sector is Health Care, firming 22 points to 8,662. Shares in Primary Health Care have added 0.99 per cent and are $3.07. Shares in CSL and Sirtex Medical and have also improved at midday. The worst performing sector is Materials, falling 214 points to 13,743. Shares in Range Resources have fallen 10.96 per cent to $0.325. Shares in Sandfire Resources and Atlas Iron are also lower midday.
New Zealand: The NZSX50 is 7 points stronger. Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock up 0.8 per cent at $8.85 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 $1.0113 US cents.
