Shares have fallen to a six week low after miners and banks felt the hit of a sharp drop in commodity prices.
The S&P/ASX200 index has lost 66 points and is 4,714 at noon. On the futures market the SPI is down 68 points. In economic news, Australia's unemployment rate remained steady last month, although strong growth in the previous month had the economy lose jobs after posting. Figures from the Australian Bureau of Statistics (ABS) showed a total of 49,100 full-time jobs were lost during April.
In company news, Woodside Petroleum Ltd (ASX:WPL) has appointed ExxonMobil executive Peter Coleman as the company’s new chief executive and managing director. Australia’s largest independent energy company has recently been the subject of speculation it could be taken over by BHP, a although the company denies the rumours. Mr Coleman said Woodside has an impressive portfolio of Australian oil and gas assets right across the development timeframe. Shares in Woodside fell 1.52 per cent to $45.50 at midday.
And the Supreme Court has just today ruled the Network Ten’s Ltd (ASX:TEN) new chief executive, James Warburton, can’t start his new job until January 1, 2012. The case was heard after Warburton was poached from Seven Media Group, who wanted him to stay on as chief sales and digital officer until at least October 2012 because of a non-compete clause. Ten wanted Warburton to start on July 14. Shares in Ten are up 1.55 per cent, at $1.31.
The best performing sector is Telco Services, remaining steady at 1,017. Shares in Singtel are up 2.55 per cent and are trading at $2.41. Shares in Telecom NZ are also higher and Telstra is steady. The worst performing sector is materials, down 294 points at 13,544. Shares in Lynas are down 4 per cent and are trading at $2.16. Shares in Alumina and BHP are also lower at noon.
To New Zealand: The NZSX50 is down 6 points. Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock down 0.33 per cent at $9.02 followed by, Telecom Corporation of New Zealand, Telstra, and Westpac.
To gold and the dollar, gold is trading at $US1,505 an ounce and the Aussie dollar is buying $US1.0594 cents.
