Despite another record close for the S&P 500 on Wall Street overnight, the Australian bourse was in the red at midday after making some short lived gains at open.
A welcome lift in iron ore prices lifted mining and energy stocks while a meeting of the European Central Bank, set for tonight, has weighed with caution centring on the potential for an increase in fiscal stimulus.
The S&P/ASX 200 index is 19 points down at 5,426. On the futures market the SPI is 14 points lower.
Economic news
The Australian Bureau of Statistics has released figures for International trade in goods and services for April. The month saw a drop in exports of 1 per cent and an increase in imports of 2 per cent, which pushed the Aussie trade balance into a deficit of $122 million seasonally adjusted.
Company news
National Australia Bank Limited
(ASX:NAB) has appointed David Armstrong as a non-executive director of the board.
Mr Armstrong is a partner at PricewaterhouseCoopers but will retire in July. The chairmen Michael Chaney says Mr Armstrong’s extensive experience in financial services and accounting made him a valuable addition to the NAB board. Shares in NAB are trading down 0.42 per cent at $33.17.
Calibre Group Limited
(ASX:CGH) has appointed Derek Brown as Managing Director of the company’s Resource and Energy business.
Mr Brown replaces Mr Mark Elliot who has taken up the role of Chief Development Officer for the Calibre Group. The company says Mr Brown has a wealth of experience and capability to the role. Shares in Calibre are trading flat at $0.40.
Best and worst performers The best performing sector is utilities gaining 6 points to 5,941. Shares in DUET Group
(ASX:DUE) have risen 1.24 per cent and trading at $2.44. Shares in Envestra Limited
(ASX:ENV) are stronger and APA Group
(ASX:APA) is flat at noon.
The worst performing sector is consumer staples, falling 73 points to 10,032. Shares in Bega Cheese Limited
(ASX:BGA) have fallen 2.69 per cent, trading at $5.06. Shares in Treasury Wine Estates Limited
(ASX:TWE) and Coca-Cola Amatil Limited
(ASX:CCL) are also lower.
IPO iSentia
(ASX:ISD) started trading today. The business intelligence media company was established in 1982 and until recently was known as Media Monitors. It floated at midday with an issue price of $2.04, opened at $2.45 and is currently trading at $2.49.
Gold and the dollar
Gold is trading at $US1,243 an ounce.
The Australian dollar is buying $US0.9263.
