The Australian share market followed Wall Street lower to open 1 per cent down following clouded election results in Italy and has recovered slightly to be 0.7 per cent down at noon. Retail stocks are dragging on the market, including Flight Centre, which finds itself trading lower despite record first half sales and profit.
The S&P/ASX 200 index is 36 points down at 5,020. On the futures market the SPI is 37 points lower.
Company news
Whitehaven Coal Limited
(ASX:WHC) says lower coal prices and delays to operations battered its first half earnings, after reporting a $47 million loss. The coal miner says it is committed to a review of its capital projects and overall business as well as a cost cutting drive in an effort to overhaul its slump. Shares in Whitehaven Coal are trading down 1.67 per cent at $2.95.
Oil Search Limited
(ASX:OSH) reported a 13 per cent fall in its full year net profit of $170.3 million and has flagged lower production and higher costs in the current calendar year. Managing director Peter Botten says the 2012 result was hit by higher exploration expenses, which rose to $US144 million from $US60.6 million the year before. Shares in Oil Search are trading down 0.54 per cent at $7.39.
Best and worst performers All major sectors are down at this stage of the session. The sector with the least losses is Telco Services dropping 6 points to 1,573. Shares in Telstra Corporation Limited
(ASX:TLS) have fallen 0.33 per cent and trading at $4.59. Shares in Telecom Corp of New Zealand
(ASX:TEL) and M2 Telecommunications Group Limited
(ASX:MTU) are also slightly down at midday.
The worst performing sector is Consumer Discretionary, falling 25 points to 1,510. Shares in Aristocrat Leisure Limited
(ASX:ALL) have fallen 3.99 per cent, trading at $3.61. Shares in Flight Centre Limited
(ASX:FLT) and Harvey Norman Holdings Limited
(ASX:HVN) are also lower.
IPOs Naos Emerging Opportunities Company Limited
(ASX:NCC) started trading today. The Investment Company floated with an issue price of $1.00, opened at $0.98 and is currently trading at $1.00.
Gold and the dollar
Gold is trading at $US1,595 an ounce and the Australian dollar is buying $US1.027.
