The Australian share market has failed to shrug off negative offshore leads, remaining in the red at noon, amid a mixed bag of corporate earnings results.
The S&P/ASX 200 index 50 points weaker at 5049. On the futures market the SPI is down 46 points.
C
ompany news: Origin Energy Limited
(ASX:ORG) has reported a 34 per cent drop in first half net profit, down to $524 million. Cost blow-outs and high wholesale power prices are being blamed for a drop in full year earnings guidance. Shares in Origin have slumped 7.8 per cent to at $11.41.
Telstra Corporation Limited
(ASX:TLS) will reportedly cut as many as 650 jobs from its struggling Senis directory business.
Earlier this month Telstra announced revenue at its directory arm had fallen 13 per cent. Shares in Telstra 1.1 per firmer, at $4.61.
Best and worst performers The best performing sector at midday is Telecommunications, it’s up 17 points at 1577. Shares in TPG Telecom
(ASX:TPM) have lifted 2.39 per cent to $2.57. Along with Telstra
(ASX:TLS), Singapore Telecommunications ( ASX:SGT) is also trading firmer.
The worst performing sector is Energy, falling 450 points to 3,177. Shares in Origin are weighing heavily on the sector. Shares in Santos Limited ( ASX:STO) have also tumbled.
Gold and the dollarGold is trading at $US1,569 an ounce
The Australian dollar is buying $US1.025.
