Following weak overseas leads, the Australian share market has slipped 0.6 per cent at noon. Energy and resource stocks are pulling the market lower, with the price of oil and metals easing from recent highs. BHP Billiton Ltd (ASX:BHP) and Woodside Petroleum (ASX:WPL) have also retreated from yesterday’s gains.
The S&P/ASX200 index has fallen 31 points and is 4,940 at noon. On the futures market the SPI is 45 lower.
Company news: Leighton Holdings Ltd (ASX:LEI) has had its credit rating lowered by Standard & Poor's just one day after the construction company launched a $757 million capital raising after slashing its full year guidance by over $900 million. The ratings agency has downgraded its long term outlook to 'BBB' and to 'A-2' for short-term debt. Standard & Poor's says, "The CreditWatch placements follow Leighton's downgraded profit forecast for fiscal 2011, amid writedowns at some of its Australian and Middle Eastern projects and the company's proposed equity raising". Shares in Leighton Holdings are in a trading halt and last traded at $28.94.
Transurban Group (ASX:TCL) has reported a strong start to the 2011 financial year, generating double digit revenue growth in the first quarter. The nation’s largest toll road operator posted an 11.7 per cent rise in proportional toll revenue while revenue from existing assets increased 15.8 per cent from the same time a year before. In March Transurban's major asset, the CityLink tollway in Melbourne, recorded its highest ever average daily tolls of 953,748. Shares in Transurban Group have risen 1.72 per cent at noon and are trading at $5.32.
To the best and worst performers: The best performing sector is Financials, Excluding Real Estate Investment Trusts, rising 21 points to 5,364. Shares in Bendigo and Adelaide Bank have lifted 1.26 per cent and trading at $9.62. Shares in Westpac and National Australia Bank have also gained at midday. The worst performing sector is Energy falling 370 points to 17,366. Shares in Roc Oil have declined 6.25 per cent and trading at $0.45. Shares in Petsec and Santos are also lower at noon.
To 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 0.84 per cent at $9.44 followed by Telecom Corporation of New Zealand, ANZ and Westpac.
To gold and the dollar: Gold is trading at $US1,458 an ounce. The Aussie dollar is buying $US1.0458 cents.
