Following mixed leads, the Australian share market opened higher only to slip into the red by noon. The miners are stronger after base metal and oil prices rose overnight. The financials are dragging after news that Moody's downgraded Portugal's credit standing to junk.
The S&P/ASX200 index has slipped 12 points and is 4,587 at noon. On the futures market the SPI is 22 points lower.
Company news
Elders Ltd (ASX:ELD) has revealed that the live cattle export suspension to Indonesia may cost the agribusiness up to $7.3 million in the current financial year. For the month of June the direct impact has been $1 million, but a further $2.2 million hit is likely due to flow on effects. The duration of the suspension and timing and escalation of trade resumption and livestock prices are additional factors that could bump up the cost. Shares in Elders have fallen 2.53 per cent at noon and are trading at $0.385 at noon.
Beach Energy Ltd (ASX:BPT) says it has approved the budget and exploration plan to identify oil deposits in the Cooper Basin. The oil and gas producer says its PEL 92 joint venture with Cooper Energy Ltd (ASX:COE) will inject more than $24 million into exploration this year. The drilling campaign is expected in increase mean reserves by around 1.8 million barrels on a gross basis. Shares in Beach Energy have dipped 1.11 per cent, and are trading at $0.89 at noon.
Sectors
The best performing sector is Telco Services, gaining 8 points to 1,018. Shares in Telstra have added 1.02 per cent and trading at $2.97. Shares in Singtel are higher, while shares in Macquarie Telecom are steady at noon. The worst performing sector is Financials Excluding Real Estate Investment Trusts losing 42 points to 4,901. Shares in National Australia Bank have dropped 1.27 per cent and trading at $24.82. Shares in Westpac and Commonwealth Bank are also weaker at noon.
New Zealand
The NZSX50 is 4 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 steady at $2.50 followed by Westpac, Fletcher Building and ANZ.
Gold and the dollar
Gold is trading at $US1,513 an ounce. The Australian dollar is buying $US1.0698 cents.
