Aussie stocks are weaker at midday with the miners and banks weighing on the market on concern for the health of the US economy, and as the local reporting season draws to an end. The S&P/ASX200 index is down 15 points at 4,341 and on the futures market, the SPI200 is down 14.
To company news: Electrical retailer Harvey Norman Ltd (ASX:HVN) today posted a 15.8 per cent rise in profit from underlying business operations and says it is optimistic about the year ahead. Underlying profit after tax for the 12 months to June 30 came to $290.04 million up from $250.42 million in fiscal 2009. Total revenue was down slightly on the year before at $2.45 billion, while net profit rose 8 per cent to $231.4 million. Chairman Gerry Harvey says he is pleased with the result and is determinedly optimistic about the 2011 financial year. Harvey Norman declared a fully franked final dividend of 7 cents a share. Shares in Harvey Norman fell 0.56% to $3.52
Aussie gold miner Lihir Gold Ltd (ASX:LGL) has reported a first half profit of US$87.1 million and maintained production guidance of 1 to 1.1 million ounces for the year. The company says total cash costs for the year are expected to be below US$450 an ounce. In other news Lihir says it has also received final approval for its merger with Newcrest Mining Ltd (ASX:NCM) after getting the green light from the National Court of PNG. On August 23 Lihir shareholders voted overwhelmingly in favour of the cash and scrip takeover deal which values Lihir at $10.6 billion. Shares in Lihir Gold dropped 0.45% to $4.45
Turning now to market indices: The best performing sector at midday is the Utilities sector, with the index up 14 points to 4,210. Shares in Energy Developments are up 1.94% to $2.63. Shares in AGL Energy and Duet Group also higher at noon.
The worst performing sector is the Materials sector, with the index down 66 points to 11,530. Shares in Perseus Mining dropped 3.86% to $2.74. Shares in Murchison Metals and Fortescue Metals Group also lower at midday.
To New Zealand now and the NZSX50 is flat. Taking a look at the top 4 stocks by turnover: Topping the list is Westpac with shares down 0.77% at $26.90 followed by; Telecom of New Zealand, Fletcher Building and Sky City Entertainment Group.
To gold and the dollar: Gold is trading at $1236 US an ounce and the Aussie dollar is trading at 88.58 US cents.
