The Australian share market fell by more than 20 points in early trade but has recovered slightly to be 0.2 per cent down at noon. The market took a dip at open following mixed leads, including Wall Street losses on the back of disappointing full year results from web giant Google.
The S&P/ASX 200 index is 7 points down at 4,552. On the futures market the SPI is 2 points lower at midday.
Company news
GrainCorp Limited (ASX:GNC) shares have entered a trading halt this morning after US agribusiness Archer Daniels expressed interest in a potential transaction.
GrainCorp says Archer Daniels acquired a stake in the company earlier this week, although no formal takeover proposal has been received at this stage. The grain storage company’s board says they will review any proposal as well as other options to maximise value for the company’s shareholders. Shares in GrainCorp last traded at $8.85.
National Australia Bank Limited (ASX:NAB) shares have slipped in early trade after the bank increased the economic cycle adjustment on its collective provisions by $250 million. The move is designed to deal with the impact of an economic downturn however will negatively impact NAB’s full year earnings. Shares in NAB are trading down 3.04 per cent at $26.13.
Best and worst performers
The best performing sector is Energy gaining 104 points to 12,989. Shares in Oil Search Limited (ASX:OSH) have risen 1.92 per cent and trading at $7.69. Shares in Paladin Energy Limited (ASX:PDN) and Santos Limited (ASX:STO) are also stronger at noon.
The worst performing sector is Financials excluding real estate investment trusts, falling 55 points to 5,365. Shares in National Australia Bank Limited (ASX:NAB) as we saw earlier have fallen 3.04 per cent, trading at $26.13. Shares in Westpac Banking Corporation (ASX:WBC) and Australia and New Zealand Banking Group (ASX:ANZ) are also trading lower so far today.
Gold and the dollar
Gold is trading at $US1,743 an ounce and the Australian dollar is buying $US1.038.
