The Australian share market has opened steady but pulled back slightly at noon following a tepid performance from US markets overnight, as fiscal cliff concerns continue to drag on sentiment.
The S&P/ASX 200 index is 3 points down at 4,581. On the futures market the SPI is10 points lower.
Company news
Addressing shareholders at its annual meeting, Westpac Banking Corporation’s
(ASX:WBC) Chairman Lindsay Maxsted says conditions in the banking sector are expected to remain subdued but was confident on delivering sound returns for shareholders. Mr Maxsted has spoken out against the International Monetary Fund’s recent suggestions that Australia’s big four banks should be forced to hold more money in reserve. The bank has faced scrutiny in recent days for issuing an $8.6 million sign-on bonus to incoming executive Brian Hartzer, believed to be the third largest sum ever paid for a banker in Australia. Shares in Westpac are trading up 0.12 per cent at $25.93.
Shares in Iluka Resources Limited
(ASX:ILU) have retreated after the mineral sands producer provided an update to the market revealing a fall in mineral sands prices which have impacted sales volumes. Iluka says it expects its zircon and synthetic rutile volumes to fare at the lower end of guidance. Shares in Iluka are trading down 7.18 per cent at $8.02.
Best and worst performers The best performing sector is Consumer Discretionary gaining 8 points to 1,333. Shares in Flight Centre Limited
(ASX:FLT) have risen 1.8 per cent and trading at $26.60. Shares in Echo Entertainment and Harvey Norman Holdings are also stronger.
The worst performing sector is Consumer Staples, falling 73 points to 8,817. Shares in Goodman Fielder Limited
(ASX:GFF) have fallen 2.27 per cent, trading at $0.65. Shares in Treasury Wine Estates and Wesfarmers are also lower.
Gold and the dollar
Gold is trading at $US1,709 an ounce and the Australian dollar is buying $US1.055.
