The Australian sharemarket is trading in the red at midday, after a flat start and a heavy sell off yesterday.
The S&P/ASX200 index has lost 20 points and is 4,677 at noon. On the futures market the SPI is down 11 points.
Company news: Qantas Airways Ltd (ASX:QAN) says it’s considering a range of options to strengthen international operations, but has denied reports it applied for an air operator’s certificate in Malaysia. Media reports today have speculated the airline is looking to establish a new premium airline in Malaysia or Singapore. Shares in Qantas rose 0.47 per cent to $2.13 at midday.
St. Barbara Ltd (ASX:SBM) says it has approached the board of Catalpa Resources with a merger proposal. St Barbara aims to form “a leading Australian mid-tier gold company”. It is forecast to produce approximately 480,000 ounces of gold in fiscal 2012. The non-binding offer has been put to the Catalpa board. Shares in St Barbara are down 4.69 per cent, at just over $1.89.
To the best and worst performers: The best performing sector is Telco Services, up 6 points at 1,020. Shares in iiNet are up 0.71 per cent and are trading at $2.85. Shares in Telstra are also stronger at midday and Singapore Telecommunications shares are steady. The worst performing sector is Energy, falling 108 points at 15,950. Shares in Whitehaven Coal are down 3.79 per cent and are trading at $6.34. Shares in Bow Energy and Woodside Petroleum are lower at noon.
To New Zealand: The NZSX50 is steady.
Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock down 0.86 per cent at $2.31 followed by Fletcher Building, Sky City Entertainment Group, and Westpac.
To gold and the dollar: Gold is trading at $US1,503 an ounce and the Aussie dollar is buying $US1.0624 cents.
