Midday: Aus shares slightly lower

Market Reports

After opening slightly higher, the Aussie share market fell in morning trade and is currently five points lower at midday.

The S&P/ASX200 index has lost 6 points and is 4,468 at noon. On the futures market the SPI is up 1 point.

Company news

Fortescue Metals (ASX:FMG) welcomes its new boss, Neville Power today. Power has taken over from Andrew ‘Twiggy’ Forrest, who is now a non-executive chairman. The new chief executive will earn total fixed remuneration of $1.8 million, with the capacity to make up to 150 per cent of the sum depending on his performance. Shares in Fortescue have dropped 0.16 per cent at noon and trading at $6.40.


WPG Resources (ASX:ALD) has signed the first long term iron ore sales contract for the Peculiar Knob mine. The term is for five years, and product from the Peculiar Knob and Buzzard mines will be sold under the name, ‘Coober Pedy Superior Fines’. Shares in WPG Resources (ASX:WPG) have lifted 4.49 per cent and are trading at $0.93. 

Sectors

The best performing sector is healthcare gaining 67 points to 8,460. Shares in Cochlear Limited (ASX:COH) have gained 1.51 per cent and are $70.06. Shares in Primary Healthcare (ASX:PRY) and Acrux Limited (ASX:ACR) have also lifted at midday.

The worst performing sector is Consumer discretionary, falling 24 points to 1,260. Shares in News Corporation have taken a 7.04 per cent dive to $13.73. Shares in Flight Centre Limited (ASX:FLT) and JB Hi-Fi Limited (ASX:JBH) have also sagged at midday.

New Zealand

The NZSX50 has lost 26 points to 3,381. 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 0.2 per cent at $2.48 followed by Fletcher Building, ANZ and Westpac.

Gold and the dollar

Gold is trading at $US1,594 an ounce and the Aussie dollar is buying $1.06.11 US cents.