The Australian share market is trading slightly lower at noon with energy stocks weighing on the market, despite strong offshore leads, following a better than expected start to the US corporate earnings season.
The S&P/ASX 200 index is 1 point down at 4,708 On the futures market the SPI is 1 points higher.
Economic news
The Australian Bureau of Statistics has released building approvals figures for November. Residential building approvals were slightly below expectations rising 2.9 per cent for the month. Economists had forecast a 3 per cent lift. In the year to November approvals were up 13.2 per cent.
Company news
Australand Property Group’s
(ASX:ALZ) major shareholder, Singapore based CapitaLand says it intends to conduct a strategic review of its investment in the property group. The real estate company currently holds a 40 per cent stake. Australand recently rejected a takeover offer from GPT Group
(ASX:GPT) last month. Shares in Australand Property are trading up 0.15 per cent at $3.45.
Metcash Limited
(ASX:MTS) is facing greater competition as Wesfarmers Limited
(ASX:WES) owned Coles steps up its price war. The supermarket giant has placed further grocery discounts across more than 620 of its Coles Express stores. Coles has cut its milk price to $1 a litre, bringing it in line with its supermarket prices and moving in on Metcash customers. Metcash supplies over 3000 independent stores. Shares in Metcash are trading up 0.44 per cent at $3.42.
Best and worst performers The best performing sector is consumer discretionary gaining 5 points to 1,384. Shares in Ardent Leisure Group
(ASX:AAD) have risen 1.21 per cent and trading at $1.47. Shares in Billabong International and Seven West Media are also stronger.
The worst performing sector is energy, falling 74 points to 12,568 Shares in Beach Energy Limited
(ASX:BPT) have fallen 3.9 per cent, trading at $1.42. Shares in AWE Limited and Woodside Petroleum are also lower.
Gold and the dollar
Gold is trading at $US1,655 an ounce and the Australian dollar is buying $US1.05.
