Following another record high for the US Dow Jones overnight, the Australian share market opened higher but has flat lined at noon.
Figures
The S&P/ASX 200 index is down 5 points at 5,111. On the futures market the SPI is 9 points lower.
Economic news
The Australian bureau of statistics has revealed Australia's trade deficit has blown out to $1.06 billion in January. Exports fell 1 per cent, while imports rose by 1 per cent.
Company news
Nufarm Limited
(ASX:NUF) has suffered another share price blow one day after losing a $100 million dollar deal. China's Sinochem has won the rights to distribute US company Monstanto's herbicide, in both Australia and New Zealand. On the back of yesterdays sharp price drop, Nufarm shares have fallen a further 1.94 per cent to be trading at $5.06.
Aurizon Holdings
(ASX:AZJ) has inked the largest haulage contract the Australian coal market has seen in a decade. Under the 12 year deal, Aurizon will transport up to 65 million metric tonnes of the fuel between mining operations in Queensland. Aurizon Holdings shares are trading 1.49 per cent firmer at $4.10
Best and worst performers The best performing sector at midday is materials, gaining 76 points to 10,435. Shares in Resolute mining
(ASX:RSG) have risen 3.75 per cent to $1.39. Shares in Arrium
(ASX:ARI) and Gryphon
(ASX:GRY) are also stronger.
The worst performing sector is Telcos, falling 13 points to 1,552. Shares in IInet
(ASX:IIN) have fallen 0.79 per cent, to $5.04. Telstra
(ASX:TLS) is also trading weaker.
Gold and the dollar
Gold is trading at $US1580 an ounce.
The Australian dollar is buying $US1.022.
