Following a negative lead from Wall Street the Australian share market is steady in choppy trade. Equities fell at open, lifted before noon, but are now back in the red. The sectors are mixed with some strength in the major miners.
The S&P/ASX200 index has lost 4 points and is 4,243. On the futures market the SPI is 11 points lower.
Company news
BHP Billiton Limited’s (ASX:BHP) says its selling everything it produces, despite some of its customers getting more cautious. Speaking at the BHP’s annual general meeting in Melbourne today, CEO Marius Kloppers admitted the company has been impacted by economic uncertainty and equity market volatility. Mr Kloppers also warned that these factors are expected to continue to weigh on sentiment on markets for its commodities. Shares in BHP Billiton have risen 0.38 per cent and are trading at $36.79.
The Western Australian government has reportedly named Mirvac Group (ASX:MGR) as the preferred tenderer for the $1.5 billion redevelopment of Karratha, located in the Pilbara region of Western Australia. While the property developer hasn’t made an official announcement on the project, media reports say construction is expected to be finished by the middle of 2014. Mirvac is today holding its annual general meeting in Western Australia for the first time. Shares in Mirvac Group have eased 1.19 per cent and are trading at $1.25.
Best and worst performers
The best performing sector is Telco Services, lifting 5 points to 1,088. Shares in Amcom Telecommunications have firmed 0.6 per cent and trading at $0.845. Shares in Telstra Corporation and Telecom Corporation of New Zealand are also higher.
The worst performing sector is Industrials, retreating 17 points to 3,441. Shares in MacMahon Holdings have fallen 1.68 per cent and trading at $0.585. Shares in Downer EDI and Leighton Holdings are also weaker.
New Zealand
The NZSX50 is 2 points higher: Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock firming 0.2 per cent to $2.555 followed by Westpac, Fletcher Building and Kathmandu Holdings.
Gold and the dollar
Gold is trading at $US1,763 an ounce.
The Australian dollar is buying $US1.0046.
