The Australian share market was lower at noon on thursday as weaker base metals prices pulled back the resources sector.
All Ordinaries index had lost 11 points, or 0.24 per cent, to 4,654.
The local market opened about 0.6 per cent higher but gave up some of those gains during the first two hours of trade. ABS data released this morning reveals private new capital expenditure rose 5.5% in the December quarter, compared with the previous quarter. Economists had forecasted it to rise just 1.5%.
MAp Airports Ltd (MAP), formerly Macquarie Airports, has reported a loss for 2009 but says it expects 2010 to be a year of continued recovery in the aviation sector. Net loss for the 12 months to December 31, 2009 came to $573 million compared to a profit of $2.1 billion for the same time a year ago.The result included a one-off termination fee of $345 million paid to its former parent company Macquarie Group to become a separate entity. Despite traffic declines in the first half, Sydney Airport reported 7.3% passenger growth in the final quarter. MAp Airports declared a dividend of 27 cents for calendar 2008.
Funds manager Perpetual Ltd (PPT) remains cautious about future growth despite reporting a rise in first-half profit to $49.17 million, on the back of stronger equity and credit markets. The result is up 246% on the same period a year before and includes an $11.1 million after tax gain from the Exact Market Cash Fund (EMCF) generated by improved credit market conditions. The company has declared a fully franked interim dividend of 105 cents per share, compared to 40 cents in the previous corresponding period. Perpetual posted a profit of $37.75 million for fiscal 2009. Property developer Lend Lease Ltd (LLC) has launched an $806 million rights issue to finance new projects and stop its credit rating from falling. The announcement comes as the company reports a profit of $204.9 million for the first half of fiscal 2010, reversing a loss of $596.4 million for the same period a year ago. The new equity should allow the company to pursue its $12 billion project pipeline, which includes the revival of Londons Elephant & Castle area and Sydneys waterfront Barangaroo project. It is offering five new shares for every 22 held at $7.70 a piece a 20% discount on Wednesdays closing price. CEO Steve McCann says its the right time to deploy capital as the company is near the bottom of the cycle. Lend Lease shares are in a trading halt. Shares last traded at $9.67.
The best performing sector at midday is the Utilities index, up 45 points at 4,280.
The worst performing sector at midday is the Staples index, down 20 points to 7,545.
Gold is trading at US$1,099.30 an ounce and the Aussie dollar is trading at 89.5 US cents.
