Following weak overseas leads, the Australian share market has fallen 0.8 per cent at noon. Falls in the prices of precious metals and oil pulled the market down, and the big banks are down despite Westpac reporting a record profit.
The S&P/ASX200 index has fallen 41 points and is 4,744 at noon. On the futures market the SPI is down 42.
Looking at company news, Coca-Cola Amatil Limited (ASX:CCL) is expecting a five per cent profit increase in the first half.
Managing Director Terry Davis told a shareholder meeting natural disasters cut volume growth and boosted operating costs, and that he thinks the Aussie dollar took the gloss off what was tobe a promising start to the year. Shares in Coca-Cola Amatil have fallen 2.02 per cent at noon and are trading at $11.62.
Origin Energy Limited (ASX:ORG) may be facing a $1.6 billion funding shortfall for its $18 billion Australia Pacific Liquefied Natural Gas development.
A Macquarie analyst has told the Australian Financial Review that the company level funding can’t be ruled out. Origin’s chief executive said the company is continuing to complete the conditions of the sale and purchase agreement with Sinopec, who took a 15 per cent stake in the development last month. Shares in Origin are flat at noon and are trading at $16.17.
The best performing sector today is Telco Services, gaining 5 points to 993. Shares in Amcom Telecommunications have gained 1.39 per cent and trading at $0.36.5 cents. Shares in Singapore Telecommunications and Telstra are both in positive territory at midday.
The worst performing sector is Financials excluding real estate investment trusts, dropping 69 points to 5,239. Shares in Westpac have sagged 1.94 per cent and trading at $24.25. Shares in Suncorp and the National Australia Bank have also declined at noon.
The NZSX50 is 5 points higher. The top four stocks by turnover have Fletcher Building at the top of the list, with stocks up 0.33 to trade at $9.08, followed by Telecom Corporation of New Zealand, Westpac, and Telstra.
Gold is trading at $US1,532 an ounce and the Aussie dollar is buying $US1.0816 cents.
