The Australian sharemarket opened flat and has stayed there at midday, a disappointing start to the day given strong offshore leads that were expected to translate into – at the very least - modest gains closer to home but failed to eventuate.
The S&P/ASX200 index is down 2 points to 4,583 at noon. On the futures market the SPI is down 4 points.
Economic news
Consumer sentiment has hit a two year low, the Westpac/Melbourne Institute Survey of Consumer Sentiment fell by 2.6 per cent in June.
And, the seasonally adjusted estimate for the total number of dwelling units commenced rose 3.1 per cent in the March quarter.
Company news
Qantas Airways Ltd (ASX:QAN) says it will slash aircraft orders and constrain expansion plans to save $700 million. The airline group will cut domestic capacity growth for both Qantas and Jetstar to 5.5 per cent this financial year. The airline had planned to take delivery of 43 new aircraft, but has since decided to revise that number down to 34. Shares in Qantas are down 0.27 per cent at noon and are trading at $1.88.
Centro Properties Group (ASX:CNP) has entered a trading halt pending a statement regarding legal action instigated against the company. Centro will remain in a trading halt until Friday or until a statement is released to the market. Shares in Centro Properties last traded at $0.048.
Sectors
The best performing sector is Consumer Staples, gaining 17 points to 7,749. Shares in Goodman Fielder Ltd gained 1.46 per cent and are trading at $1.04. Shares in Foster's Group Ltd and GrainCorp Ltd are also higher at noon.
The worst performing sector is Consumer Discretionary falling 8 points to 1,352. Shares in The Reject Shop Ltd have dropped 1.19 per cent and are trading at $11.66. Fairfax Media Ltd and JB Hi-Fi Ltd shares are also lower at noon.
New Zealand
The NZSX50 is up 22 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 1.89 per cent at $2.42 followed by Goodman Property Trust, Fletcher Building and Contact Energy.
Gold and the dollar
Gold is trading at $US1,525 an ounce and the Aussie dollar is buying $US1.0672 cents.
