The Australian sharemarket is in the red at noon, with a dim outlook from US policy makers, a lack of progress in Europe and the miners dropping in response to falling copper and gold prices, there isn’t much good news about to prop up the market.
The S&P/ASX200 index has fallen 45 points to 4,169. On the futures market the SPI is 50 points lower.
Company news
Wesfarmers Limited’s (ASX:WES) first quarter sales at its Coles supermarkets increased by eight per cent to more than $8 billion. Sales at Coles convenience stores jumped by 17.7 per cent. Coles food and liquor sales rose 5.5 per cent from the prior corresponding period. Wesfarmers reported sales at Target fell 1.4 per cent, and Kmart rose by 0.1 per cent. Sales at Bunnings rose 8.5 per cent. Wesfarmers shares have fallen 0.99 per cent and are trading at $31.86.
The Prime Minister has urged Qantas Airways Limited (ASX:QAN) and unions to enter talks and put an end to the industrial dispute. Julia Gillard refused to be drawn on whether the government would intervene. She added that it was in everyone’s best interest to come to a resolution quickly. An estimated 60,000 Qantas passengers have been affected by the rolling strikes. Qantas shares have fallen 0.88 per cent and are trading at $1.472.
Best and worst performers
The best performing sector is Telco Services, gaining 10 points to 1,098. Shares in Enerji have increased 9.52 per cent and trading at $0.023. Shares in Telecom Corporation of New Zealand and Telstra are also stronger.
The worst performing sector is Materials falling 169 points to 11,186. Shares in Rio Tinto have slipped 2.09 per cent and trading at $63.72. Shares in BHP Billiton and Fortescue Metals Group are also lower.
New Zealand
The NZSX50 is 5 points weaker.
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 0.78 per cent at $2.59 followed by ANZ, Fletcher Building and Westpac.
Gold and the dollar
Gold is trading at $US1,642 an ounce and the Australian dollar is buying $US1.0254 cents.
