The Australian share market was marginally lower at noon after a directionless morning of trade.
All Ordinaries index was down 10 points, or 0.21 per cent, to 4,664.
RBA Governor Glenn Stevens says the local economy is in a good position to prosper due to its close proximity to Asia with GDP expected to grow in coming years.
Mr Stevens also says further adjustments to monetary policy will need to be made to ensure that inflation remains within the RBAs target of two to three per cent.
Analyst said National Australia Bank (NAB) weighed on the market despite reporting a rise in cash earnings in the December quarter but BHP Billiton gained ground.
Paper manufacturer and distributor PaperlinX Ltd (ASX:PPX) has posted a loss for the first half of fiscal 2010 but says it is making good progress in reshaping the company to secure its future. Net loss for the six months to December 31, 2009 came to $175.3 million, however the result was a 69% improvement on the same time a year ago. PaperlinX did not declare an interim dividend. PaperlinX recorded a loss of $798.2 million for the year to June 30, 2009.
Provider of drilling services, capital equipment and consumable products in the mining and energy sectors Boart Longyear Ltd (BLY) has announced a US$15 million loss for 2009 compared to a profit of US$156 million in 2008.The result follows a 47% dive in revenue to US$978 million for the year. The company decided not to pay a final dividend but says it will consider resuming dividend payments in the second half of 2010 in light of first half results. Boart Longyear paid a total of 2.39 cents in dividend to shareholders in 2008.
Coal miner Centennial Coal Company Ltd (CEY) says first half profit fell 27% to $31.1 million compared to $42.7 million for the first half of fiscal 2009. Revenue dropped 13% to $381.9 million compared to $439.2 million last year. The company says it continues to receive strong demand for its thermal coal product saying it is targeting 2.6 million to 2.7 million tonnes of exports in the second half, up 2.2 million tonnes on the first half. CEO Bob Cameron says with its Airly mine commencing exports and Mandalong ramping-up its exports presence, shareholders can look forward to an increased profit in the second half. Centennial declared an interim dividend of 4 cents a share. Shares in Centennial Coal Company rose 1.58% to $3.85.
Property company Duet Group Ltd (DUE) has returned to profit in the first half of fiscal 2010 posting a profit of $80.7 million compared to a loss of $146.6 million for the same period a year ago. Revenue however dropped 1% to $581 million for the six months to December 31, 2009. The company says the result was driven by another strong contribution from its Dampier Bunbury Pipeline and increased tariffs. Duet Group declared an interim dividend of 10 cents a share. Shares in Duet Group added 0.85% to $1.78.
The best performing sector at midday is the Consumer Staples index, up 79 points at 7,588.
The worst performing sector at midday is the Industrials index, down 2 points to 3,907.
Gold is trading at US$1,105.90 an ounce and the Aussie dollar is trading at 89.3 US cents.
BML: 2 Successful bounce trade 10c/.11c and .086c/.09c QAN: Picked up yesterday $2.70 sold at open this morning.
