The Australian stock market was flat at noon after weak leads from offshore.
All Ordinaries index had fallen 11 points, or 0.24 per cent, to 4,819 points.
Analysts said ?The local market may trade with a tight range until it receives stronger leads from offshore. We had some very flat leads coming into our market today, so we weren't expecting a great deal of action today. There's no major movements today and we're probably just going trade in a fairly tight range over the course of the next couple of days."
BHP Billiton (BHP) is part of a group of global mining giants that has begun shipping coal to China from Colombia for the first time this year because of high prices in Asia.BHP, Anglo America and Xstrata own Colombia?s Cerrejon, the world?s largest open-pit mine of coal for export. Cerrejon CEO Leon Teicher says the mine started sending coal shipments through the Panama Canal to China after prices surged higher than those in Europe. Mr Teicher says Cerrejon might also make its first sales to India this year. China?s booming economy is stoking demand for coal to fuel power plants and steel mills. BHP Billiton reported a profit of $7.243 billion for fiscal 2009.
Oil and gas company Molopo Energy Ltd (MPO) has announced a $60 million equity raising to accelerate exploration and development in its Canadian oil projects. The company says it is undertaking a fully underwritten equity offer, comprising $28.5 million in shares to be offered in a one-for-seven accelerated renounceable entitlement offer at an issue price of $1.03. The price is 21.4% below Molopo?s $1.31 closing share price on Friday. Molopo Energy posted a profit of $72.59 million for the 2009 financial year.
Just one week after a former Macquarie Group Ltd (MQG) fund manager was caught trying to flee the country, another ex-employee has admitted to manipulating the market. Newton Chan has pleaded guilty to eight counts of market manipulation involving stock trades worth over $6.1 million. ASIC claims that between May 2006 and March 2008, the former Macquarie broker used a number of trading accounts under different names to buy over 34 million shares in payments company, Bill Express, which collapsed in 2008. ASIC alleges the transactions created or were likely to create an artificial price for the company. Mr Chan also pleaded guilty to one count of providing false or misleading information to ASIC. His plea will be heard in Victoria?s Supreme Court on June 21. Shares in Macquarie are down 1% to $49.26.
The best performing sector at midday is the Telco Services index, up 6 points at 1,054.
The worst performing sector is the Real Estate Investment Trust index, down 5 points to 862.
Gold is trading at US$1,104.65 an ounce and the Aussie dollar is trading at 91.53 US cents.
