Following negative offshore leads the Australian share market opened in the red has sunk 0.5 per cent at noon. Most sectors are trading lower, weighed down by losses in the telcos, resources and financials.
The S&P/ASX 200 index has lost 26 points and is 4,267. On the futures market the SPI is 22 points lower.
Company news
Fairfax Media Limited (ASX:FXJ) has posted a 44 per cent fall in its first half net profit, coming in at $97 million. CEO Greg Hywood has described the results as disappointing and cautioned that the difficult trading environment is likely to continue and the outlook remains uncertain. A fully franked interim dividend of 2 cents per share has been declared. Shares in Fairfax Media are trading 0.97 per cent lower at $0.817.
Iluka Resources Limited (ASX:ILU) has generated a $542 million full year net profit on the back of a 76 per cent rise in mineral sands revenue. The mineral sands producer’s result was boosted by higher prices for its products. However, Iluka has warned it expects costs to rise as production for two of its products, zircon and rutile, is likely to decline in the full 2012 financial year. A final dividend of 55 cents per share has been declared. Shares in Iluka Resources are trading 3.79 per cent lower at $16.77.
Best and worst performers
The sectors are mainly trading lower: The best performing sector is Energy gaining 33 points to 14,475. Shares in Paladin Energy Limited (ASX:PDN) have risen 6.59 per cent and trading at $1.86. Shares in Carnarvon Petroleum Limited (ASX:CVN) and Petsec Energy Limited (ASX:PSA) are also stronger.
The worst performing sector is Telco Services, easing 10 points to 1,122. Shares in BigAir Group Limited (ASX:BGL) are 1.33 per cent lower, at $0.37. Shares in Telstra Corporation Limited (ASX:TLS) are also lower while shares in Telecom Corporation of New Zealand are flat.
New Zealand
The NZSX50 is steady at noon: Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock down 1.08 per cent to $6.44, followed by Telecom Corporation of New Zealand, Trade Me Group and Westpac Banking Corporation.
Gold and the dollar
Gold is trading at $US1,775 an ounce.
The Australian dollar is buying $US1.0626.
