The Australian sharemarket has dropped below the 4,000 mark at midday. The euro debt crisis continues to sap investor confidence, today the focus has been on Germany’s refusal to widen the European Central Bank’s role.
The S&P/ASX 200 index has fallen 48 points and is 3,996. On the futures market the SPI is 42 points lower.
Company news
Woodside Petroleum Limited (ASX:WPL) has set a production target for the 2012 calendar year 27 per cent higher than the current year. Woodside’s Pluto liquefied natural gas project is coming on stream, with the first cargo targeted for March. Production in 2012 is set to be 73 to 81 million barrels of oil equivalent. 17 to 20 million coming from Pluto Train 1. The production forecast has fallen short of most analysts' expectations. Woodside shares have fallen 5.48 per cent, trading at $33.48.
Myer Holdings Limited (ASX:MYR) has reaffirmed its profit guidance for the full year, 10 per cent lower than the previous corresponding period, with flat sales. A number of costs have been factored into the guidance, including store occupancy costs, depreciation, renegotiated enterprise bargaining agreements and penalty rates and loadings, costing $48 million. Myer shares have lost 1.71 per cent, trading at $2.30.
Best and worst performers
The sector with the smallest losses is Real Estate Investment Trusts, falling 1 point to 781. Shares in Mirvac Group have advanced 0.98 per cent and are trading at $1.242. Shares in Stockland and Australand Property Group are also higher.
The worst performing sector is Energy, retreating 315 points to 13,020. Shares in Linc Energy have fallen 1.01 per cent and are trading at $1.475. Shares in Origin Energy and Paladin Energy have also dropped at noon.
New Zealand
The NZSX50 is 14 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 1.5 per cent to $1.975 followed by Fletcher Building, Chorus and Westpac.
Gold and the dollar
Gold is trading at $US1,693 an ounce and the Australian dollar is buying 96.94 US cents.
