Following mixed leads, the Australian share market opened in the red and is 0.2 per cent down at noon.
The S&P/ASX 200 index is 6 points down at 4,285. On the futures market the SPI is 17 points lower.
Economic news
The Reserve Bank of Australia (RBA) has released its Minutes of the Monetary Policy Meeting which was held earlier this month, when the cash rate remained unchanged at 4.25 per cent. RBA members noted recent indicators of global economic activity had picked up modestly after softening in late 2011.
Company news
Rio Tinto Limited (ASX:RIO) says it will sell $US2.5 billion of bonds in the US market. The bonds will be fully and unconditionally guaranteed by the company. The miner joins Fortescue Metals Group Limited (ASX:FMG) who also announced a bond offering on the US credit market last month. Shares in Rio are trading up 0.35 per cent at $66.08.
SingTel Limited's (ASX:SGT) Australian arm Optus says redundancies are likely to emerge following a review of its local operations. The phone company says it’s unable to confirm the number of job losses. Telco rival Telstra Corporation Limited (ASX:TLS) also announced job cuts last month, from its subsidiary Sensis. Shares in SingTel are trading down 0.85 per cent at $2.32.
Best and worst performers
The best performing sector is Energy gaining 36 points to 14,206. Shares in Karoon Gas Australia Limited (ASX:KAR) have risen 3.42 per cent and trading at $6.65. Shares in Aurora Oil & Gas Limited (ASX:AUT) and WorleyParsons Limited (ASX:WOR) are also stronger.
The worst performing sector is Health Care, falling 62 points to 8,282. Shares in Cochlear Limited (Public, ASX:COH) have fallen1.47 per cent, trading at $57.10. Shares in Ramsay Health Care Limited (ASX:RHC) and CSL Limited (ASX:CSL) are also lower.
New Zealand
The NZSX50 is down 2 points 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 up 2.04 per cent at $2.50, followed by Fletcher Building, ANZ Banking Group and Westpac Banking Corporation.
Gold and the dollar
Gold is trading at $US1,663 an ounce.
The Australian dollar is buying $US1.0614.
