Despite positive US leads the Australian share market opened lower and is trading flat at noon, with losses in major mining stocks weighing on the market.
The S&P/ASX 200 index is 2 points up at 4,790. On the futures market the SPI is 2 points higher.
Economic news
The HIA-RP Data Residential Land Report has revealed that residential land sales fell by 17.8 per cent in the September quarter, which the Housing Industry Association says signals a ‘rocky road’ for any new home building recovery this year.
Company news
PanAust Limited
(ASX:PNA) has forecast pre tax earnings of between $US320 and $US350 million for 2013 after reaching its production targets last year. The copper and gold producer expects to lift its copper, gold and silver production levels moderately this year. Shares in PanAust are trading down 4.78 per cent at $3.19.
Shares in OZ Minerals Limited
(ASX:OZL) and Newcrest Mining Limited
(ASX:NCM) have sagged in early trade after both companies reported slumps in production output and guidance. Newcrest warned shareholders full year gold production could be at the lower end of guidance, while OZ flagged a dip in copper production and flat gold output in 2013. Shares in OZ Minerals are trading down 6.98 per cent at $6.80, the worst performing stock on the ASX200 at midday.
Best and worst performers The best performing sector is Telco services gaining 11 points to 1,554. Shares in TPG Telecom Limited
(ASX:TPM) have risen 2.9 per cent and trading at $2.84. Shares in Telecom Corp of New Zealand
(ASX:TEL) and Telstra Corporation Limited
(ASX:TLS) are also stronger.
The worst performing sector is Materials, falling 57 points to 10,659. Shares in OZ Minerals Limited
(ASX:OZL) have fallen 6.98 per cent as we saw earlier, trading at $6.80. Shares in PanAust Limited
(ASX:PNA) and Gindalbie Metals Limited
(ASX:GBG) are also lower.
Gold and the dollar
Gold is trading at $US1,682 an ounce and the Australian dollar is buying $US1.052.
