Midday: Aus shares flat at noon

Market Reports

Following weak leads from Wall Street the Australian share market opened flat this morning and is trading steady at noon. Strength among the telcos is being offset by weakness in resources.

Figures
 
The S&P/ASX 200 index is 1.6 points up at 5,352. On the futures market the SPI is 2 points higher. 
 
Company news
 
Singapore airlines has lifted its shareholding in Virgin Australia Holdings Limited (ASX:VAH) from 19.3 per cent to 22.17 per cent. The trade extends Singapore Airline’s voting power in Virgin and comes amid debate among foreign ownership in Australia’s airlines. Shares in Virgin Australia Holdings are trading 0.68 per cent down at $0.37 at noon.
 
Transport and logistics provider McAleese Limited (ASX:MCS) has seen a reshuffle of its board and management. The CEO and CFO has resigned and McAleese has recontracted a significant haulage agreement with Norton Gold Fields (ASX:NGF). Shares in McAleese are trading 2.86 per cent down at $0.51 at noon.
 
Best and worst performers

The best performing sector is telco gaining 7 points to 1,766. Shares in TPG telecom (ASX:TPM) have risen 4.91 per cent and trading at $6.63. Shares in Telecom Corp of New Zealand (ASX:TEL) and Telstra (ASX:TLS) are also stronger. 
 
The worst performing sector is materials, falling 46 points to 9,862. Shares in Beadell Resources Limited (ASX:BDR) have fallen 4.88 per cent, trading at $0.58. Shares in Regis Resources Limited (ASX:RRL) and Northern Star Resources Limited (ASX:NST) are also lower. 

Gold and the dollar
 
Gold is trading at $US1,294 an ounce.
The Australian dollar is buying $US0.9285.