The Australian share market has spent the morning in negative territory, weighed down by weak leads on concerns over Chinese growth, European debt and a lacklustre German bond sale. Most sectors are lower with strength in the financials and weakness in the industrials and energy sectors.
The S&P/ASX 200 index has dipped 2 points and is 4,049. On the futures market the SPI is 7 points lower.
Company news
GrainCorp Limited (ASX:GNC) has more than doubled its full year profit to $172 million, underpinned by growth in grain receipts, its export program and increased grain marketing earnings and malt sales. The agribusiness says it is well placed for the current financial year with a higher quality of grain harvested than last year due to the drier lead up to harvest. A final fully-franked dividend of 15 cents per share has been declared, bringing the full year payout to 55 cents. Shares in GrainCorp have gained 3.81 per cent, trading at $7.63.
Shares in CuDeco Limited (ASX:CDU) have risen on news the Queensland Government has approved the grant of mining leases for the Rocklands Group Copper Project in Cloncurry. The copper explorer has called today’s announcement a major milestone just a few weeks after revealing Rocklands is progressing towards production and promising to update the market on developments. Shares in CuDeco have risen 2.39 per cent, trading at $3.43.
Best performing sectors
Most sectors are lower: The best performing sector is Telco Services, lifting 2 points to 1,070. Shares in Stratatel have advanced 4.17 per cent and trading at $0.025. Shares in Amcom Telecommunications and Telstra are also higher.
The worst performing sector is Industrials, retreating 27 points to 3,310. Shares in Seven Group Holdings have fallen 4.33 per cent and trading at $6.41. Shares in Macmahon Holdings and Virgin Blue Holdings have also dropped at noon.
New Zealand
The NZSX50 is 34 points lower. Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock easing 1.73 per cent to $1.99 followed by Chorus, Fletcher Building, AMP.
Gold and the dollar
Gold is trading at $US1,690 an ounce.
The Australian dollar is buying 97.1 US cents.
