The market is flat at midday, with investors watching corporate results closely.
At noon, the S&P/ASX 200 index has gained 4 points and is 4,291. On the futures market the SPI is 14 points higher.
Economic news
Reserve Bank of Australia governor Glenn Stevens says interest rates are where they should be.
Company news
AGL Energy Limited (ASX:AGK) will raise $1.5 billion to finance the 100 per cent purchase of the Loy Yang power station in Victoria and partially repay some bank loans. The funding is made up of $650 million of high equity credit hybrid notes and an $850 million renounceable rights entitlement offer. AGL today posted a half-year net profit of $117 million, a fall of more than 50 per cent. Underlying profit increased 3 per cent. AGL shares are trading 3.97 per cent lower at $13.77.
Newcrest Mining Limited (ASX:NCM) says its Lihir operation is experiencing a production disruption expected to severely impact March’s quarterly production by 50,000 to 60,000 ounces. Newcrest says it believes the existing plant is suffering from a long term underinvestment in maintenance. The company has owned the plant for 18 months and has completed a detailed review of the maintenance plan. Newcrest shares are trading 3.63 per cent lower at $34.79.
Best and worst performers
The best performing sector is Consumer Discretionary gaining 11 points to 1,276. Shares in Billabong International Limited (ASX:BBG) have risen 6.16 per cent and trading at $2.93. Shares in David Jones Limited (ASX:DJS) and Tabcorp Holdings Limited (ASX:TAH) are also stronger.
The worst performing sector is Utilities, falling 94 points to 4,549. Shares in AGL Energy Limited (ASX:AGK) are 3.97 per cent lower, at $13.77. Shares in Spark Infrastructure Group (ASX:SKI) and SP AusNet (ASX:SPN) are also lower.
IPO
Goodrich Resources started trading today, it listed at 20 cents, opened at 21 cents and is currently trading at 21 cents.
New Zealand
The NZSX50 is 5 points lower at noon.
Taking a look at the top four stocks by turnover, Fletcher Building is at the top of the list with stock down 0.15 per cent to $6.45, followed by Telecom Corporation of New Zealand, Westpac Banking Corporation and Ryman Healthcare.
Gold and the dollar
Gold is trading at $US1,778 an ounce and the Australian dollar is buying $US1.0737.
