Midday: Aus shares drift 0.7% lower

Market Reports

Weak offshore leads has forced the Australian share market 0.7 per cent lower today, as speculation continues to grow that Spain will request a bail out package this week. A sell-off in mining stocks have also led shares downwards.
 
The S&P/ASX 200 index is 30 points down at 4,379 On the futures market the SPI is 25 points lower. 
 
Company news

NRW Holdings Limited (ASX:NWH) says its Port Hedland inner Harbour contract has been reduced by about $75-80 million. The mining industry contractor doesn’t expect the downsize to impact its full year guidance. The company recently announced a $133 million contract to build Rio Tinto Limited's (ASX:RIO) Cape Lambert iron ore plant in project in Western Australia. Shares in NRW Holdings are trading down 4.27 per cent at $2.24. 

Nufarm Limited (ASX:NUF) has rebounded to a full year net profit as the agricultural chemicals maker forecast further improvements in its underlying performance for the year ahead. Nufarm posted a net profit of $72.6 million up from a loss of $49.9 million the same time last year and despite one-off legal cost impairments of about $30 million. Shares in Nufarm are trading down 2.05 per cent at $5.73. 
  
Best and worst performers 

The best performing sector is real estate investment trusts gaining 5 points to 933. Shares in Mirvac Group (ASX:MGR) have risen 1.79 per cent and trading at $1.42. Shares in Westfield Retail Trust and CFS Retail Property Trust are also stronger. 
 
The worst performing sector is energy, falling 198 points to 12,455. Shares in Whitehaven Coal (ASX:WHC) have fallen 3.34 per cent, trading at $2.89. Shares in Beach Energy and Linc Energy are also lower. 
 
Gold and the dollar

Gold is trading at $US1,762 an ounce and the Australian dollar is buying $US1.041.

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