Midday: Aus shares slip in choppy trade

Market Reports

After negative offshore leads the Australian share market opened lower, and despite paring some losses is 0.2 per cent down after choppy morning trade. The Australian dollar has continued to pull back, while National Australia Bank Ltd (ASX:NAB) has rallied more than 2.5 per cent after posting a better than expected first half profit.    

The S&P/ASX200 index has eased 4 points and is 4,736 at noon. On the futures market the SPI is 8 points higher.

Company news: Alumina Ltd (ASX:AWC) has forecast that the aluminum market will grow by around 12 per cent this year, with growth outside of China expected to grow by more than 10 per cent. Speaking at the company’s annual general meeting CEO John Bevan said the company was likely to again post record production in 2011 and record another year of double digit growth. Alumia and US aluminium company Alcoa are partners in the in the Alcoa World Alumina and Chemicals business, and, yesterday speculation was about that Rio Tinto Ltd (ASX:RIO) is gearing up to launch a takeover bid for Alcoa. Shares in Alumina have risen 1.33 per cent at noon and are trading at $2.29.

Automotive Holdings Group Ltd (ASX:AHE) says it has struck a deal with media giant News Ltd and a consortium of motor dealers including AP Eagers Ltd (ASX:APE) to create a new online car sales listing available later this year. The retailing and logistics group will have a 7.5 per cent interest through participating in the joint venture under the Carsguide brand. The new offering is expected to provide potential car buyers with an alternative to the dominant industry provider, carsales.com.au. Shares in Automotive Holdings Group have slipped 0.75 per cent and are trading at $2.66.

Best and worst performers: The best performing sector is Telco Services, adding 14 points to 1,012. Shares in Stratatel have gained 2.56 per cent and trading at $0.04. Shares in Singtel and Telstra are both in positive territory at midday. The worst performing sector is Real Estate Investment Trusts losing 12 points to 839 points. Shares in Stockland have fallen 3.06 per cent and trading at $3.48. Shares in Mirvac Group and Ardent Leisure are also in the red at noon.

New Zealand: The NZSX50 is up by 0.52 points. Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock down 0.55 per cent at $9.06 followed by Telecom Corporation of New Zealand, ANZ and Westpac.

Gold and the dollar: Gold is trading at $US1,518 an ounce and the Aussie dollar is buying $US1.0717 cents.  


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