Following lacklustre offshore leads the Australian share market is flat at noon. News that Greece had reached a deal for an austerity plan lifted the local bourse higher at open. It has since reversed gains, pulled down by the energy sector as the price of oil fell to a four month low after news The International Energy Agency will release oil from emergency stockpiles.
The S&P/ASX200 index is up just under one point at 4,501 at noon. On the futures market the SPI is 4 points higher.
Company news
Shares in APA Group (ASX:APA) have fallen after it announced that it has raised $300 million through an institutional placement to fund its purchase of a wind farm in Western Australian. Australia’s biggest natural gas pipeline operator yesterday said it had bought the Emu Downs wind farm and a development site nearby for $171 million. But investors haven’t taken too well to the news, shares in APA Group have fallen 9.38 per cent at noon and are trading at $3.96.
A spokesperson for Aristocrat Leisure Ltd (ASX:ALL) has told The Australian that a large shareholder has sold a substantial number of the gaming company’s shares. The spokesperson says they understand the sale was likely made due to mandate requirements, such as by a fund manager re-balancing their investment portfolio. According to the report the seller’s identity should be revealed within days in a change of substantial shareholder notice on the Australian Securities Exchange. Shares in Aristocrat Leisure are 0.42 per cent lower at noon, trading at $2.37.
Sectors
The best performing sector is Consumer Staples, adding 58 points to 7,786. Shares in Coca-Cola Amatil have gained 1.22 per cent and trading at $11.66. Shares in Woolworths and Foster’s Group have also risen at noon. The worst performing sector is Utilities falling 102 points to 4,234. Shares in APA Group have plunged 9.38 per cent and trading at $3.96. Shares in Challenger Infrastructure Fund and Duet Group are also lower at noon.
New Zealand
The NZSX50 is 3 points 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 1.61 per cent at $2.52 followed by Fletcher Building, Sky City Entertainment Group and NZX Ltd.
Gold and the dollar
Gold is trading at $US1,523 an ounce. The Australian dollar is buying $US1.0528 cents.
