Following mixed offshore leads, the Australian share market has dipped 0.5 per cent at noon. The major banks and miners are all lower, with the resource sector weighed down by weaker commodity prices.
The S&P/ASX200 index has slipped 23 points and is 4,733 at noon. On the futures market the SPI is 21 lower.
Company news: Responding to mounting speculation, Primary Health Care Ltd (ASX:PRY) has today confirmed that it is considering a proposal for the potential sale of Health Communication Network, reportedly worth around $300 million. While the terms of the proposal are incomplete, the pathology provider advises that the offer remains subject to board consideration. Primary Health Care says there can be no assurance a sale will occur, but it will update the market should it decide to proceed. Shares in Primary Health Care are 0.85 per cent down at noon and trading at $3.48.
Macquarie Radio Network Ltd has confirmed that is eyeing Fairfax Media's Ltd (ASX:FXJ) radio assets, just days after the media company announced it is planning to offload its metropolitan and regional radio assets. According to Fairfax, Macquarie Radio has requested details of the sale process after which it will determine whether to submit an expression of interest in purchasing some or all of the assets. Shares in Fairfax Media are steady and trading at $1.11.
Best and worst performers. The best performing sector is Real Estate Investment Trusts gaining 3 points at 864. Shares in Abacus Property Group have lifted 0.91 per cent and trading at $2.22. Shares in Stockland and Ardent Leisure Group are stronger at noon. The worst performing sector is Materials losing 169 points to 13,545. Shares in OM Holdings have eased 1.99 per cent and trading at $0.985. Shares in St Barbara and BHP Billiton have also fallen at noon.
New Zealand: The NZSX50 is 6 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 down 0.86 per cent at $2.31 followed by Fletcher Building, Westpac and ANZ.
Gold and the dollar: Gold is trading at $US1,495 an ounce and the Australian dollar is buying $US1.0665 cents.
