Following mixed offshore leads the Australian share market is flat in muted trade. Equities have zigzagged between positive and negative territory as investors absorb headlines from Europe.
The S&P/ASX 200 index has added 2 points and is 4,190. On the futures market the SPI is 6 points lower.
Company news
Shares in one of last year’s worst performing top 200 stocks, Energy Resources of Australia Limited (ASX:ERA), are trading higher today, despite the uranium miner warning its full year production levels may be impacted by heavy rains at the end of 2011. The 68 per cent-Rio Tinto Limited (ASX:RIO) controlled company’s flagship operation is the Ranger uranium mine in the Northern Territory, which was flooded by record December rainfall. Full year guidance is expected when the company releases its annual financial report on February 1, 2012. Shares in Energy Resources of Australia have risen 5.51 per cent and are trading at $1.245.
QBE Insurance Group Limited (ASX:QBE) placed its shares in a trading halt this morning following media reports that its American business, Balboa Insurance Company, is under investigation. According to the reports US regulators are currently investigating the company that QBE bought from Bank of America last year as part of a broader investigation into excessive fees charged by US banks and insurers. An update on QBE’s preliminary 2011 results and 2012 re-insurance protections is expected shortly. Shares in QBE Insurance Group last traded at $13.00.
Best and worst performers
The sectors are trading mixed: The best performing sector is Real Estate Investment Trusts lifting 11 points to 827. Shares in Stockland have risen 2.41 per cent and trading at $3.40. Shares in Mirvac Group and Westfield Group are also higher.
The worst performing sector is Health Care, losing 66 points to 7,907. Shares in Mesoblast have pulled back 2.39 per cent and trading at $6.325. Shares in Ansell and ResMed are also lower.
New Zealand
The NZSX50 is 22 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 down 0.5 per cent to $1.99, followed by Westpac, Chorus and Fletcher Building.
Gold and the dollar
Gold is trading at $US1,644 an ounce.
The Australian dollar is buying $US1.0311.
