The Australian sharemarket is trending downwards at midday, having traded flat for most of the morning. Major sectors such as banking and mining putting in a mixed performance in early trade.
The S&P/ASX200 index has fallen 8 points and is 4,593 at noon. On the futures market the SPI is 8 points lower.
In economic news: The Australian Industry Group/Commonwealth Bank Australian Performance of Services Index (PSI) fell 1.6 points to 49.9 points in May. And Fair Work Australia has announced the minimum wage will rise to $589.30 a week, from $569.90.
Tabcorp Holdings Ltd’s (ASX:TAH) demerger of Echo Entertainment Group Ltd has been approved by the Supreme Court of Victoria. The scheme was approved by shareholders on Wednesday. Tabcorp will lodge the orders to the Australian Securities and Investments Commission today, making the scheme binding. Echo Entertainment Group Ltd shares are expected to commence trading on Monday. Shares in Tabcorp have risen 0.39 per cent at noon and are trading at $7.74.
Former Woodside Petroleum Ltd (ASX:WPL) chief Don Voelte has criticised opponents of the company’s $30 billion Browse liquefied natural gas project. Mr Voelte used his farewell speech to attack critics. Woodside struck a $1.5 billion-plus native title deal regarding the project last month after more than three years of negotiations. Conservation groups said the deal was done under the threat of state government backed compulsory land acquisition. Woodside shares have dropped 0.57 per cent at noon and are trading at $45.60.
To the best and worst performers: The best performing sector is Telco Services, gaining 12 points to 1,037. Shares in Hutchison Telecommunications gained 2.41 per cent and are trading at $0.085. Shares in Telstra Corporation Ltd and iiNet Ltd are also higher
The worst performing sector is Energy falling 127 points to 16,027. Shares in Tap Oil Ltd have dropped 2.09 per cent and are trading at $0.935. Riversdale Mining and Caltex Australia Ltd shares are also lower at noon.
To New Zealand: The NZSX50 is 5 points lower.
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 1.88 per cent trading at $2.35 followed by Fletcher Building, ANZ and Sky City Entertainment Group.
To gold and the dollar: Gold is trading at $US1,533 an ounce and the Aussie dollar is buying $US1.0684 cents.
