A weak start this morning, with the Australian sharemarket trading in negative territory at noon, as talk of lifting the US debt ceiling appears to be stalling before the deadline on August 2.
The S&P/ASX200 index has dropped 41 points and is 4,562 at noon. On the futures market the SPI is 53 points lower.
Company news
BHP Billiton (ASX:BHP) is reportedly losing US$30 million a day because of staff strikes at its Escondida mine in Chile. Staff have stopped working now for three days, demanding a bonus linked to the miner’s earnings. The company today said the strike is illegal. BHP Billiton (ASX:BHP) shares fell 0.71 per cent and are trading at $43.12.
Canada Pension Plan Investment Board has reportedly sold its stake in Transurban Group (ASX:TCL). The $903.3 million sale of 12 per cent of the company’s shares on issue were sold through UBS today. Shares in Transurban Group (ASX:TCL) have fallen 3.36 per cent and are trading at $5.18.
Sectors
The best performing sector is Real Estate Investment Trusts, currently flat at 814 points. Shares in Dexus are 0.58 per cent stronger and trading at 86.5 cents. Shares in Westfield Retail and Mirvac are also higher.
The worst performing sector is Energy losing 244 points to 14,807. Shares in Australian Renewable Fuels are 4.76 per cent lower and trading at two cents. Shares in Eastern Star and Paladin have also eased.
New Zealand
The NZSX50 is down 11 points at noon. 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 0.56 per cent at $2.66 followed by ANZ, Fletcher Building, and Telstra Corporation.
Gold and the dollar
Gold is trading at $US1,611 an ounce and the Australian dollar is buying $US1.0831 cents.
