After mixed offshore leads the Australian share market opened flat and has slipped 0.7 per cent at noon. All sectors are in the red, pulled down by the financials with the major banks and miners all lower.
The S&P/ASX200 index has fallen 35 points and is 4,594 at noon. On the futures market the SPI is 32 lower.
Economic news: The Westpac Bank-Melbourne Institute leading index of economic activity, which represents the likely pace of economic activity three to nine months in the future, increased 1.5 points to 284.5 in March, pushing the annualised growth rate to 5.3 per cent, higher than the long term growth rate trend of 3.4 per cent.
Company news: Shares in Lend Lease Group (ASX:LLC) have risen after the construction company confirmed it expects to deliver return on equity of 15 per cent in the current financial year. CEO Steve McCann says the group's operating outlook is positive and that it remains focused on optimising security holder returns. In the first half of the 2011 financial year return on equity was 6.7 per cent. Shares in Lend Lease Group have added 2.61 per cent at noon and are trading at $8.64.
Prima BioMed Ltd (ASX:PRR) has announced plans to raise $38 million to advance clinical trials of its vaccine therapy for ovarian cancer. The company is gearing up for an $18 million placement to institutional shareholders in addition to a $20 million share purchase plan. The issue is expected to be priced at $0.28 per share. Shares in Prima BioMed have entered a trading halt and last traded at $0.335.
Best and worst performers, all are trading in the red: The sector with the smallest losses is Utilities easing 1 point to 4,325. Shares in APA Group have firmed 0.24 per cent and trading at $4.25. Shares in SP AusNet and Spark Infrastructure Group are both in positive territory at noon. The worst performing sector is Financials Excluding Real Estate Investment Trusts falling 69 points to 4,925. Shares in Macquarie Group have dropped 2.88 per cent and trading at $32.75. Shares in IOOF Holdings and Perpetual are also lower at noon.
To New Zealand: The NZSX50 is 13 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 3.9 per cent at $2.53 followed by Fletcher Building, Guinness Peat Group and Westpac Banking.
Gold and the dollar: Gold is trading at $US1,524 an ounce. The Aussie dollar is buying $US1.0507 cents.
