The Australian share market is down about 0.2 per cent after a flat open.
The S&P/ASX 200 index is flat at 4,060. On the futures market the SPI is now 5 points weaker.
Economic news
A new private sector survey shows retail spending rose in November, despite major retailers complaining of weakening demand. The Commonwealth Bank (CBA) Business Sales indicator (BSI) rose by 0.3 per cent in trend terms in November, following on from similar rises in October and September.
Company news
Billabong Limited (ASX:BBG) shares are continuing to tumble after yesterday’s sales and profit outlook downgrade. Shares fell 22 cents, or 11 per cent, to $1.81 mid morning, the lowest since the company was listed in August 2000, and lower than the issue price of $3.15. The surfwear manufacturer and retailer's stock has lost more than three quarters of its value this year. Shares in Billabong have fallen 14.53 per cent and are trading at $1.735.
Telstra Corporation Limited (ASX:TLS) is reportedly losing on if its high profile general managers Paul Fegan, according to media reports. The head of corporate development and strategy was formerly boss at St George Bank. Meanwhile Telstra’s extended its NBN deal deadline. The definitive agreement the telco signed with NBN Co was due to expire today, but the new deadline’s expected to be pushed past February. Shares in Telstra have gained 0.93 per cent and are trading at $3.26.
Best and worst performers
The best performing sector is Telcos gaining 10 points to 1,112. Shares in IINet are up 2.51 per cent at $2.86. Shares in Telecom NZ and Telstra are both higher.
The worst performing sector is utilities, dropping 29 points to 4,495. Shares in AGL have pulled back 1.28 per cent to $14.21.5. Shares in Energy World and Duet have also lost ground.
New Zealand
The NZSX50 is 3 points lower. Taking a look at the top four stocks by turnover, Telecom is at the top of the list with stock advancing 1 per cent to $2.02, followed by Fletcher Building, Trade Me and Chorus.
Gold and the dollar
Gold is trading at $US1,599 an ounce and the Australian dollar is buying US 99.4 cents.
