Australian shares are 1.5 per cent lower at noon ahead of key inflation data out of China. Meanwhile, the European Union has struck an in principle agreement on tougher fiscal rules to combat the eurozone’s debt crisis.
The S&P/ASX 200 index has lost 66 points and is 4,215. On the futures market the SPI is 65 points lower.
Company news
Harvey Norman Holdings Limited (ASX:HVN) has been fined $1.25 million for misleading advertising following action by the Australian Competition and Consumer Commission (ACCC). In September last year the retailer advertised the sale of 3D televisions in a catalogue – giving the impression that consumers Australia-wide could buy and use a 3D television to watch the NRL and AFL grand finals in 3D. The 3D broadcast was limited to Brisbane, Newcastle, Sydney, Melbourne, Adelaide and Perth. Harvey Norman shares have fallen 0.95 per cent and are trading at $2.09.
Orica Limited (ASX:ORI) blames a failed computer card for the latest Newcastle plant leak. That’s according to a report by ABC News. Wednesday’s incident came just a day after the Environmental Protection Authority (EPA) gave Orica the go-ahead to restart after a separate leak on November 9th. Residents are calling for the plant to be shut down. Orica shares have lost 0.89 per cent and are trading at $25.60.
Best and worst performers
The sector with the smallest losses is Telco Services losing 5 points to 1,112. Shares in Telecom Corporation of New Zealand have risen 1.26 per cent and trading at $1.605. Shares in Enerji are flat and Telstra shares are lower.
The worst performing sector is Materials, losing 290 points to 11,142. Shares in Rio Tinto have retreated 3.34 per cent and trading at $63.88. Shares in BHP Billiton and Newcrest Mining are also weaker.
New Zealand
The NZSX50 is 8 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 gaining 2.16 per cent to $2.125 followed by Chorus, Fletcher Building and Westpac.
Gold and the dollar
Gold is trading at $US1,712 an ounce and the Australian dollar is buying $US1.0176.
