The Australian sharemarket is trading flat at midday, as it attempts to claw back some of yesterday’s losses.
The S&P/ASX200 index has gained 5 points and is 4,249. On the futures market the SPI is up 2 points.
Company news
Qantas Airways Limited (ASX:QAN) and American Airlines have received final approval from the US Department of Transportation to co-ordinate services between the United States, Australia and New Zealand. According to the airlines, the trans-pacific joint business agreement is a win for customers giving them better flight schedules, expanded code-sharing and a “wider variety of fares”. Qantas shares have gained 2.22 per cent, trading at $1.615.
Extract Resources Limited’s (ASX:EXT) main shareholder Kalahari Minerals says talks with its state-owned Chinese suitor are hovering at a price below investor expectations. Kalahari is a 42.74 per cent shareholder of Extract. Extract had been in a trading halt pending the announcement. Extract Resources shares have dropped 2.91 per cent, trading at $7.67.
Best and worst performers
The best performing sector is Industrials, gaining 31 points to 3,401. Shares in Seven Group Holdings have firmed 2.12 per cent and are trading at $7.72. Shares in Asciano and Qantas Airways are also higher.
The worst performing sector is Materials, falling 68 points to 11,611. Shares in White Energy Company have dropped 3.87 per cent and are trading at $0.745. Shares in Mirabela Nickel and BHP Billiton are also lower.
New Zealand
The NZSX50 has gained 7 points.
Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock falling 0.56 per cent to $2.68 followed by Westpac, ANZ and Fletcher Building.
Gold and the dollar
Gold is trading at $US1,754 an ounce and the Australian dollar is buying $US1.0138.
