It’s been a choppy morning on the market with the ASX hovering between small gains and small losses – news that Woolworths
(ASX:WOW) first half sales jumped five per cent have pulled the consumer staples up sector up.
The S&P/ASX 200 index has risen 6 points and is 4,278. On the futures market the SPI is 3 points stronger.
Economic news
RP Data-Rismark’s home value index shows capital city house prices fell a seasonally adjusted 0.2 per cent in December, despite a move by the Reserve Bank to cut interest rates.
Company news Australian Agricultural Company Limited
(ASX:AAC) has lifted its annual profit. The beef producer’s net profit after tax was $10.5 million for 2011, up from $904,000 the year before. It says it’s well placed to benefit from the tight supply of beef and positive prices. Shares in Australian Agricultural Company are trading flat at per cent higher at $1.38.5.
Australian vegetable farmers are fearful of their future today after Wesfarmers’
(ASX:WES) owned Coles supermarkets said it’s not only maintaining its price war on milk, but will slash fruit and vegetable prices by as much as 50 per cent. Coles fresh produce manager Greg Davis says the supermarket’s working with farmers to invest in new growing techniques, but AusVeg has told Fairfax Media the announcement’s concerning and the fight will get savage. Shares in Wesfarmers are trading 0.17 per cent lower at $30.22.
Best and worst performers
The best performing sector is: consumer staples lifting 62 points to 7,399. Shares in Woolworths have risen 2 per cent and trading at $24.94. Shares in Goodman Fielder and Coca-Cola are also higher.
The worst performing sector is real estate investment trusts, down 3 points to 819. Shares in Investa have pulled back 0.47 per cent and trading at 63.2 cents. Shares Goodman Group and Stockland are lower.
New Zealand
The NZSX50 is 19 points lower. The top four stocks by turnover are Telecom Corporation of NZ: up 0.24 per cent at $2.12, followed by Fletcher Building; Heartland and Chorus.
Gold and the dollar
Gold is trading at $US1,731 an ounce and the Australian dollar is buying $US1.0614.
