Midday: Aus shares flat after weak leads

Following soft offshore leads the Australian share market is trading flat. The market opened the week in positive territory after the Chinese reported increases in imports and exports, but has dipped into the red ahead of the release of ABS data on home loans and car sales for August.
 
The S&P/ASX 200 index is 5 points down at 4,283. On the futures market the SPI is 8 points lower.
 
Economic news

The demand for home loans grew in August according to the Australian Bureau of Statistics (ABS) has reported that the number of Home Loans granted in August rose 1.8 per cent to 45, 821, while total housing finance rose 0.6 per cent to $20.3 billion.
 
The ABS also reports 98,701 new motor vehicles were sold in September, a 4.7 per cent seasonally adjusted increase.
 
Company news
 
Origin Energy Limited (ASX:ORG) says its BassGas joint venture has resumed operations at the Yolla offshore platform in the Bass Strait. Production at the platform has been suspended since last year for upgrades and installations, sections of which have been delayed. The company is reviewing the outstanding installations, and expects to advise of a scheduling outcome at a later date. Shares in Origin are trading down 0.17 per cent at $11.54.
 
Lend Lease Group (ASX:LLC) and the Construction, Forestry, Mining and Energy Union have reportedly proposed a deal which violates the Victorian Government’s industry code. According to Fairfax media, a four year union friendly workplace deal including at least six agreements banned under the code has been proposed, putting Lend Lease at risk of being banned from tendering Victorian Government deals. Shares in Lend Lease are trading down 0.55 per cent at $8.19.
 
Best and worst performers

The best performing sector is Telco services gaining 96 points to 11,436. Shares in Telecom Corp of New Zealand (ASX:TEL) have risen 6.78 per cent and are trading at $0.63. Shares in M2 Telecommunications Group Limited (ASX:MTU) and Telstra Corporation Limited (ASX:TLS) are also performing strongly so far today. 

The worst performing sector is Materials, falling 6 points to 1,285. Shares in Resolute Mining Limited (ASX:RSG) have fallen 5.56 per cent, trading at $2.04. Shares in Lynas Corporation Limited (ASX:LYC) and Fortescue Metals Group Limited (ASX:FMG)are also lower at midday. 

Gold and the dollar

Gold is trading at $US1,785 an ounce and the Australian dollar is buying $US1.021.