Despite positive offshore leads the Australian share market has dipped 0.2 per cent at noon. Following gold and copper prices pulling back from recent highs, declines are being led by the major miners and banks. News of another 6.5 magnitude earthquake hitting Japan has renewed jitters over the country’s nuclear crisis.
The S&P/ASX200 index has slipped 5 points and is 4,738 at noon. On the futures market the SPI is 16 points lower.
Company news: ING Real Estate Investment Management has transferred the management rights of ING Office Fund (ASX:IOF) to property investor Investa Property Group. ING entities have also inked a deal to divest its 2.5 per cent stake in the ING Office Fund to Investa which will then be renamed the Investa Office Fund. ING Office Fund has around $2.6 billion of assets under management with Investa expected to control around $8.3 billion worth of commercial properties after the transaction is completed. Shares in ING Office Fund are 2.61 per cent stronger at midday and trading at $0.59.
Australian Agricultural Company Ltd (ASX:AAC) says it will pay $26 million to buy 53,000 head of branded cattle from the Tipperary Group. Managing director and CEO David Farley says the purchase is a substantial one for the company and will allow it to take advantage of good seasonal conditions. The cattle are located close to Darwin, which is the main shipping point for live cattle exports into South East Asia. Shares in Australian Agricultural Company have risen 1.83 per cent at noon and are trading at $1.665.
Best and worst performers: The best performing sector is Energy, rising 85 points to 16,985. Shares in Bounty Oil & Gas have lifted 5.13 per cent to just over 4 cents. Shares in Molopo Energy and Woodside Petroleum are also trading higher at midday. The worst performing sector is Materials, down 73 points at 13,726. Shares in Aquarius Platinum have lost 7.9 per cent and are trading at $5.36 while shares in Integra and Alcoa are both lower at noon.
New Zealand: The NZSX50 is up 9 points. Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock up 0.78 per cent at $9.10, followed by ANZ, Telecom Corporation of New Zealand and Westpac.
Gold and the dollar: Gold is trading at $US1425 an ounce and the Aussie dollar is buying $US1.0255 cents.
