Following mixed overseas leads, the Australian share market opened flat and is trading 0.5 per cent down at noon. Almost all sectors are trading in the red. The S&P/ASX200 index has dropped 28 points to 4,538 at noon. On the futures market the SPI is 24 points lower.
Economic news
ABS stats out today show that housing finance approvals rose 4.8 per cent in April to 47,347, seasonally adjusted, after hitting a 10-year low in March.
Company news
Tanami Gold NL (ASX:TAM) has announced its gold production has increased by 12 per cent. The Australian gold and mineral operation company has also increased mineral resources by 17 per cent, and upgraded its maiden mineral reserve to commence gold production by the middle of next year.Shares in Tanami Gold NL (ASX:TAM) are up 1.25 per cent at noon and are trading at $0.81.
Westfield Group (ASX:WDC) has received strong interest for 17 of its shopping malls in the US that it has put on the market. The Wall St Journal reports that the sale of the Westfield portfolio will provide an important window into where values of the hundreds of malls throughout the US have reset. In total, the values that Westfield lists on its books for each of the malls exceeds $US2.5 billion ($2.3bn). Shares in Westfield Group (ASX:WDC) have dropped 0.34 per cent and are trading at $8.69.
Sectors
The best performing sector is Real Estate Investment Trusts, adding 2 points to 850. Shares in DEXUS Property Group (ASX:DXS)
have gained 0.77 per cent and trading at $0.91.7. Shares in Goodman Group (ASX:GMG) and Commonwealth Property Office Fund (ASX:CPA) are both stronger at noon.
The worst performing sector is Energy falling 267 points to 15,506. Shares in Paladin Energy Ltd (ASX:PDN) have dropped 5.1 per cent and trading at $2.79. Shares in Gloucester Coal Limited (ASX:GCL) and Oil Search Limited (ASX:OSH) are also weaker at noon.
New Zealand:
The NZSX50 is up 16 points. 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 2.39 per cent at $2.35.5 followed by Westpac, Fletcher Building and ANZ.
Gold and the dollar
Gold is trading at $US1,542 an ounce and the Aussie dollar is buying $US1.06.79 cents.
