After soft offshore leads the Australian share market opened lower and is 0.7 per cent down at noon. Concerns over Europe’s debt and US growth are continuing to drag on sentiment. The miners are faring the worst after the proposed 30 per cent tax on mining passed in the lower house this morning.
The S&P/ASX 200 index has dipped 29 points and is 4,104. On the futures market the SPI is 40 points lower.
Economic news
Construction work done in Australia climbed beyond expectations in the third quarter of this year. According to the Australian Bureau of Statistics construction work done increased 12.5 per cent to $46.4673 billion in the three months to the end of September, underpinned by a rise in engineering work.
Best and worst performers - Companies
NRW Holdings Limited (ASX:NWH) has jumped to the best performer after forecasting a 100 per cent increase in its anticipated net profit for the second half of this year. The resource services supplier expects to deliver a net profit of between $41 million and $43 million. Revenue is expected to rise by 60 per cent to between $580 million and $610 million. Shares in NRW Holdings have jumped 13.16 per cent, trading at $2.795.
The top 200’s worst performer at noon is Gryphon Minerals Limited (ASX:GRY), having today released an investor presentation. The mineral explorer has also announced the completion of a $58.5 million share placement to advance its Banfora Gold project and West African Exploration. Shares in Gryphon Minerals have shed 11.67 per cent, trading at $1.325.
Best and worst performers - Sectors
All sectors in the red except for Utilities, lifting 5 points to 4,473. Shares in EnviroMission have advanced 7.69 per cent and trading at $0.028. Shares in Envestra and AGL Energy are also stronger.
The worst performing sector is Materials, retreating 133 points to 10,982. Shares in Gryphon Minerals have fallen 11.67 per cent and trading at $1.325. Shares in Gunns and Kagara have also dropped at noon.
New Zealand
The NZSX50 is 12 points higher. Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock easing 0.34 per cent to $5.91 followed by Telecom Corporation of New Zealand, it’s spin-off, Chorus, that started trading today and Westpac.
Gold and the dollar
Gold is trading at $US1,700 an ounce.
The Australian dollar is buying 98.54 US cents.
