Despite strong offshore leads the Australian share market opened steady and is lower at noon. Uncertainty surrounding the EU summit is weighing on investors, amid hopes tomorrow’s announcement will unveil a firm plan to address Europe’s debt crisis. Most sectors are in the red but the miners are continuing to climb following yesterday’s upbeat Chinese manufacturing data.
The S&P/ASX200 index has lost 5 points and is 4,250 at noon. On the futures market the SPI is 2 points lower.
Company news
Foster's Group Limited (ASX:FGL) believes beer sales will pick up once there is more certainty surrounding global economic conditions. The brewer says beer volumes hit a low at the start of this year, dragged down by weak consumer confidence and weather conditions. The comments were made at Foster’s annual general meeting today, possibly the company’s last as SABMiller’s takeover advances. Shares in Foster's Group are flat and trading at $5.31.
Lower oil sales and a facility shut-down has cut Oil Search Limited’s (ASX:OSH, PINK:OISHY) third quarter revenue by 26 per cent from the quarter before. In the three months to the end of September revenue fell to $153 million in the same period that production fell 16 per cent. Oil Search has however maintained its output guidance and is expecting oil and gas production to reach up to 6.7 million barrels of oil equivalent ion the 2011 calendar year. Shares in Oil Search have firmed 0.58 per cent and are trading at $6.055.
Best and worst performers
Most sectors are lower: The best performing sector is Materials, rising 99 points to 11,544. Shares in Mirabela Nickel have advancing 10.22 per cent and trading at $1.51. Shares in Boral and Rio Tinto are also stronger. The worst performing sector is Health Care dropping 195 points to 7,755. Shares in ResMed have retreated 10.67 per cent and trading at $2.68. Shares in Mesoblast and CSL have also fallen.
New Zealand
The NZSX50 has lifted 20 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 adding 1.18 per cent to $2.58 followed by Fletcher Building, Westpac and Sky City Entertainment Group.
Gold and the dollar
Gold is trading at $US1,652 an ounce. The Australian dollar is buying $US1.0454 cents.
