Telco and energy stocks have pushed local shares 0.3 per cent lower at noon despite the Australian share market opening slightly higher this morning.
The S&P/ASX 200 index is 13 points down at 4,508. On the futures market the SPI is 11 points lower.
Economic news
Australia’s unemployment rate has dipped lower than expected to 5.2 per cent in November, following a 5.4 per cent read in October. Economists had tipped a 5.5 per cent rise in last month’s unemployment rate.
Company news
Nufarm Limited
(ASX:NUF) has forecast a 15 per cent lift in its first half earnings, underpinned by improvements in its South America and European operations. Addressing its annual meeting today, Nufarm says its first half demand for crop protection products in Australia has been relatively low after a dry late winter and spring .The agricultural chemicals maker returned to an annual profit following losses in 2010 and 2011. Shares in Nufarm are trading down 1.68 per cent at $5.58.
Rio Tinto Limited
(ASX:RIO) has added another year to its accommodation services contract with Fleetwood Corporation Limited
(ASX:FWD) at the Searipple Village in Karratha Western Australia. The deal will see accommodation provided to Rio’s operational workforce of up to 660 people. The Searipple Village is a mix of short and long term accommodation, designed to fill the housing gap in the region and to support new construction projects. Shares in Rio Tinto are trading up 0.89 per cent at $59.88.
Best and worst performers The best performing sector is Materials gaining 14 points to 10,043. Shares in Beadell Resources Limited
(ASX:BDR) have risen 3.95 per cent and trading at $1.12. Shares in Resolute Mining and BlueScope Steel are also stronger.
The worst performing sector is Telco Services, falling 11 points to 1,479. Shares in TPG Telecom Limited
(ASX:TPM) have fallen 0.82 per cent, trading at $2.43. Shares in Telstra are lower whilst and SingTel is trading steady at noon.
Gold and the dollar
Gold is trading at $US1,696 an ounce and the Australian dollar is buying $US1.047.
