Following weak leads the Australian share market has fallen 0.8 per cent at noon. Most sectors have slipped into the red, with industrials and resources dragging. Shares in Leighton Holdings Ltd (ASX:LEI) have plunged over 12 per cent after the property developer resumed trade, having earlier warned of a full year loss and today announcing that it has raised $514 million from the institutional component of a capital raising.
The S&P/ASX200 index has fallen 36 points and is 4,875 at noon. On the futures market the SPI is 22 point lower.
Company news: Transfield Services Ltd (ASX:TSE) has confirmed its full year profit guidance target, despite wet weather impacting its operating and forcing the company to defer some of its work across northern Australia. The maintenance services provider has forecast mid single-digit net profit growth in fiscal 2011, based on last year’s net profit of $96 million. Transfield has also today announced that it has secured a three-year $80 million contract with QGC for the coal seam gas explorer’s operations in Queensland. Shares in Transfield Services have risen 3.06 per cent and are trading at $3.37.
NRW Holdings Ltd (ASX:NWH) has announced that it will raise $70 million in new capital through a share placement, and advised that its full year net profit is likely to fall to the lower end of its guidance range, between $40 million to $45 million. The profit forecast comes after the mining services provider’s operations were struck with high rainfall during the March quarter in the Pilbara region, the Northern Territory and in Queensland. NRW Holdings has also today announced that it has been awarded a five-year $780 million mining services contract with the Middlemount coal project in Queensland. Shares in NRW Holdings have entered into a trading halt and last traded at $2.85.
Best and worst performers: The best performing sector is Utilities, rising 28 points to 4,251. Shares in AGL Energy have improved 1.2 per cent and trading at $14.32. Shares in Spark Infrastructure and SP Ausnet have also gained at midday. The worst performing sector is Industrials falling 46 points to 3,709. Shares in Leighton Holdings have tumbled 12.35 per cent and trading at $24.80. Shares in Qantas Airways and UGL are also lower at noon.
New Zealand: The NZSX50 has eased 2 points. Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock down 0.54 per cent at $9.23 followed by Telecom Corporation of New Zealand, Westpac and ANZ.
Gold and the dollar: Gold is trading at $US1,457 an ounce and the Aussie dollar is buying $US1.0476 cents.
