Australian shares are lower at midday on concern for the US economy following a three day slump in US stocks last week, the worst in 10 months according to Reuters.
Trading volumes are light ahead of the Australia Day public holiday with many traders taking the day off.
The S&P/ASX200 index is 49 points lower at 4,702 and on the futures market the SPI200’s down 33 points.
In economic news: According to the ABS Australian producer prices for the fourth quarter fell 0.4% compared to the previous quarter.
In company news: Bank of Queensland Ltd (ASX:BOQ) has priced $250 million of Government guaranteed fixed and floating rate notes. The notes will mature on the 22nd of October 2012 and are priced at 30 basis points over swap. Shares in Bank of Queensland declined 1.79% to $10.96.
Macquarie Infrastructure Group (ASX:MIG) shares are down 14% at midday following its demerger into two- entities, MIG group to be ne renamed Intoll (ASX:ITO) from the 2nd February and Macquarie Atlas Roads Group (ASX:MQA). MIG’s board valued the company’s portfolio at $5.08 billion as of December 31, 2009, steady with its June 30 valuation. Shares in Macquarie Atlas Roads Group are steady at $0.68 and shares in Macquarie Infrastructure Group are down 14.86% to $1.26.
Turning now to market indices: Majority of sectors are in the red at midday, however the only sector not in the red is the Telco Services index up 2 points at 1,152. Shares in Telstra advanced 0.3% to $3.38. Shares in IINet and Pipe Networks are also higher.
The worst performing sector at midday is the Real Estate Investment Trust index, down 10 to 861. Shares in Stockland fell 1.55% to $3.81. While shares in Westfield Group and CFS Retail Property Trust are also lower at noon.
Looking to New Zealand and the NZSX50 is 8 points lower. Taking a look at the top 5 stocks by turnover: Topping the list is Telecom of New Zealand stock down 0.41% at $2.40 followed by; Westpac, Auckland Airport, AMP, and Fletcher Building.
To gold and the dollar: Gold is trading at US$1,095 an ounce and the Aussie dollar is trading at 90.36 US cents.
