Following mixed leads the Australian share market is steady at noon after trimming earlier losses. Ongoing concern over European debt has offset upbeat US consumer confidence data. Most sectors are in positive territory with the exception of the miners and retailers.
The S&P/ASX 200 index has added 5 points and is 4,107. On the futures market the SPI is 18 points lower.
Economic news
House prices for Australian capital cities eased last month. According to RP Data-Rismark's home price index prices dipped to a seasonally adjusted 0.5 per cent in October, extending August’s fall of 0.2 per cent.
New home sales in Australia recovered in last month. According to the Housing Industry Association-Jeld-Wen new homes sales report, sales rose 5.5 per cent in October but were still 8 per cent down in the three months to the end of October.
The Australian Bureau of Statistics has reported new private capital expenditure increased a seasonally adjusted 12.3 per cent in the September quarter, coming in higher than expectations of an 8 per cent increase.
Company news
Shares in Extract Resources Limited (ASX:EXT) have risen after announcing it has secured a mining licence from the Namibian government for its Husab Uranium project. The uranium miner says the licence marks the final step to achieving all the permits needed in order to start developing the project. Extract is currently holdings talks with potential debt financiers and evaluating offtake deals and opportunities for investment by strategic partners. Shares in Extract Resources have risen 1.26 per cent to $8.05.
Gloucester Coal Limited (ASX:GCL) has forecast a six fold jump in coal production, increasing to12 million tonnes in less than 10 years. Speaking at the company’s annual meeting chairman, James MacKenzie, advised Gloucester is targeting 5.5 million tonnes of output in the current financial year. The figuire compares with 1.8 million tonnes of output posted in the last financial year. Shares in Gloucester Coal have lost 0.41 per cent and are trading at $7.36.
Best and worst performers
The best performing sector is Industrials, lifting 20 points to 3,386. Shares in Bradken have risen 3.94 per cent and trading at $7.38. Shares in Asciano and SEEK are also stronger.
The worst performing sector is Materials, retreating 31 points to 10,924. Shares in Onesteel have fallen 1.79 per cent and trading at $0.825. Shares in Kagara and Sundance Resources are also lower.
New Zealand
The NZSX50 is 4 points higher: Taking a look at the top four stocks by turnover, Chorus is at the top of the list with stock easing 2.42 per cent to $3.23 followed by Telecom Corporation of New Zealand, Fletcher Building and Westpac.
Gold and the dollar
Gold is trading at $US1,720 an ounce.
The Australian dollar is buying one $US1.005.
