Weak offshore leads and more concerns about the financial stability of the eurozone saw the Australian sharemarket open more than one per cent softer today, and was performing 0.96 per cent lower at midday. The S&P/ASX200 index is down 41 points to 4,468 at noon. On the futures market the SPI is down 45 points.
Company news
Murchison Metals Ltd (ASX:MMX) is looking for investors to join the Oakajee iron ore port and rail development. Murchison and joint-venture partner Mitsubishi Corporation of Japan have plans to build a deepwater port and 570km railway to export 45 million metric tonnes of iron ore a year, from the mid-west region of Western Australia. Shares in Murchison last traded at $0.765.
Telstra’s Corporation Limited (ASX:TLS), CEO David Thodey says the company would be well protected if the government were to abandon the NBN. In an interview with the ABC, he said he was confident that Telstra’s 35-year contract with the NBN Company will protect shareholders. Shares in Telstra Corporation (ASX:TLS) are up 1.04 per cent at $2.91.
And just in, the Federal Court has today found that ASIC has proven its case against Centro Properties (ASX:CNP) directors, who failed to notice multi-billion dollars worth of liabilities in the property group's 2006-07 accounts.
Sectors
The best performing sector is Telco Services gaining 8 points to 999. Shares in BigAir Group (ASX:BGL) gained 1.67 per cent and are trading at $0.30.5. Shares in and Telstra Corporation (ASX:TLS) and Singapore Telecommunications (ASX:SGT) are also higher at noon.
The worst performing sector is Health Care falling 153 points to 8,095. CSL Limited (ASX:CSL) were down 2.28 per cent to $30.83. Sigma Pharmaceuticals (ASX:SIP) and ResMed Inc (ASX:RMD) shares are also lower at noon.
New Zealand
The NZSX50 is down 5 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 down 1.59 per cent at $2.47 followed by ANZ, Telstra and AMP.
Gold and the dollar
Gold is trading at $US1,500 an ounce and the Aussie dollar is buying $US1.0443 cents.
