The Australian share market is flat at midday as Greece’s parliament approves harsh new austerity measures to secure a bailout.
The S&P/ASX 200 index has gained 5 points and is 4,251. On the futures market the SPI is 6 points lower.
Economic news
The number of home loans granted in December rose a seasonally adjusted 2.3 per cent to 48,453, reports the Australian Bureau of Statistics.
Company news
Leighton Holdings Limited (ASX:LEI) has booked a net profit of $340 million for the six months to December 31, a 57 per cent rise compared with the previous corresponding period. The company has also maintained its full-year guidance of underlying profit after tax of between $600 to $650 million, excluding gains from sales and impairments. In other news, Leighton Holdings has reported a possible breach of its code of ethics to the Australian Federal Police. The possible breach is related to payments that may have been made to Leighton’s subsidiary, Leighton Offshore, in connection with work to expand offshore loading facilities for Iraq’s crude oil exports. Leighton shares are trading 3.31 per cent lower at $23.06.
AGL Energy Limited (ASX:AGK) has confirmed it is reviewing options for future investment in the Loy Yang power station and coal resource in Victoria. AGL currently owns more than 32 per cent of Great Energy Alliance Corporation, the owner of the power station. AGL says it may increase its ownership interest, dependent on board and shareholder approval as well as getting the green light from the Australian Competition and Consumer Commission and the removal of the current Federal Court undertaking limiting AGL’s ownership to 35 per cent. AGL shares have lost 0.28 per cent and are trading at $14.07.
Best and worst performers
The best performing sector is Financials Excluding Real Estate Investment Trusts gaining 16 points to 4,607. Shares in Australia and New Zealand Banking Group (ASX:ANZ) have advanced 0.89 per cent and trading at $21.61. Shares in Commonwealth Bank of Australia (ASX:CBA) and Westpac Banking Corporation (ASX:WBC) are also stronger.
The worst performing sector is Real Estate Investment Trusts, losing 4 points to 802. Shares in CFS Retail Property Trust (ASX:CFX) are 2.35 per cent lower, trading at $1.665. Shares in Stockland (ASX:SGP) and Charter Hall Group (ASX:CHC) have also fallen.
New Zealand
The NZSX50 is 8 points weaker at noon.
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 0.7 per cent to $2.13, followed by Fletcher Building, Chorus and ANZ.
Gold and the dollar
Gold is trading at $US1,722 an ounce and the Australian dollar is buying $US1.0696
