The Australian share market opened flat despite positive leads from Wall St, buoyed by growing confidence the US economy is improving. The ASX has dipped slightly at noon.
The S&P/ASX 200 index is 7 points down at 4,271. On the futures market the SPI is 4 points lower.
Company news
News Corporation (ASX:NWS) and private equity firm Permira have announced the sale of its video software company NDS Group to Cisco Systems for approximately $US5 billion. In a statement, Cisco said it hopes to expand its reach into emerging markets, such as China and India, where NDS has an established customer footprint. The acquisition is Cisco’s largest since it bought Norway’s videoconferencing company Tandberg for $US3.3 billion in 2009. Shares in News Corp are trading down 0.16 per cent at $19.28.
Macquarie Group Limited (ASX:MQG) today acknowledged Moody’s Investor Service has downgraded its credit ratings for Macquarie Bank, falling from A1 to A2. Moody's stated that the "ratings actions come as part of a global sector review of banks and securities firms with capital market operations." Shares in Macquarie Group are trading down 0.22 per cent at $27.32.
Best and worst performers
The best performing sector is Telco Services gaining 5 points to 1,122. Shares in BigAir Group have risen 4.17 per cent and trading at $0.375. Shares in Telstra and SingTel are also stronger.
The worst performing sector is Real Estate Investments Trusts, falling 6 points to 822. Shares in Mirvac have fallen 1.62 per cent, trading at $1.215. Shares in Stockland and Westfield Group are also lower.
New Zealand
The NZSX50 is 5 points higher at noon.
Top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock down 1.19 per cent at $2.50, followed by Fletcher Building, Westpac and Sky City Entertainment.
Gold and the dollar
Gold is trading at $US1,658 an ounce.
The Australian dollar is buying $US1.0524.
