Despite a positive lead from Wall St and a healthy start to the day, the Australian share market has dipped 0.4 per cent at noon, weighed down by losses from the big four banks ahead of the federal budget this evening.
The S&P/ASX200 index has dipped 15 points and is 4,741 at noon. On the futures market the SPI is 23 lower.
Company news: Shares in agricultural chemicals supplier Nufarm Ltd (ASX:NUF) have risen after it was revealed that Managing Director, Doug Rathbone, has sold 4.5 million shares in the company to its major shareholder, Japan’s Sumitomo Chemical Company. Under the deal, worth around $25 million, Sumitomo will boost its stake in Nufarm by 1.3 per cent to 21.7 per cent. Shares in Nufarm have jumped 6.92 per cent at noon and are trading at $5.10.
Shares in Redflex Holdings Ltd (ASX:RDF) have plunged over 30 per cent after the traffic safety company’s shareholders rejected a bid from private equity giant The Carlyle Group and investment bank Macquarie Group Ltd (ASX:MQG). Despite Reflex directors unanimously recommending shareholders vote in favour of the scheme of arrangement, that values the company at $303 million, shareholders today voted against the takeover. The news sent shares in Redflex Holdings tumbling, down 30.65 per cent at midday and trading at $1.81.
Best and worst performers: The best performing sector is Telco Services, adding 6 points to 1,008. Shares in Enerji have gained 5 per cent and trading at $0.021. Shares in Amcom Telecommunications and Telstra are both in positive territory at midday. The worst performing sector is Financials Excluding Real Estate Investment Trusts losing 36 points to 5,220. Shares in Challenger have eased 1.66 per cent and trading at $4.73. Shares in Bendigo and Adelaide Bank and AMP have also fallen at noon.
New Zealand: The NZSX50 is 9 point higher. Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock up 2.05 per cent at $2.24 followed by Fletcher Building, ANZ and Westpac.
Gold and the dollar: Gold is trading at $US1,509 an ounce. The Aussie dollar is buying $US1.0785 cents.
