The Australian share market was down nearly one per cent at noon with falls across the major banks and resources sector, following concern about plans by US President Obama to reform the banking sector.
All Ordinaries index slipped 41 points, or .87 per cent, to 4,730 points.
Analyst said "The major banks are down and generally the resources, precious metals and oil [companies] are also weaker. I expect it to be a quiet day ahead of the Australia Day public holiday."
According to the ABS Australian producer prices for the fourth quarter fell 0.4% compared to the previous quarter. Mineral resource exploration company Carbon Energy Ltd (CNX) says the final stages of the construction and commissioning of its 5 mega watt power station is expected to be delayed a number of weeks. Due to the delay, construction partner Pangea Partners has been given a 6 week extension for the completion of the power station. Carbon Energy posted a loss for the 12 months to June 30, 2009.
Iron ore miner Atlas Iron Ltd (AGO) has announced a 120% increase in the Wodgina DSO Project reserves to 20.9 million tonnes at 57.7% iron. The company says production at the project has begun at 2 million tonnes per annum, growing to 3.6 million tonnes per annum in the second half of 2010. In fiscal 2009 Atlas Iron posted a loss of $63.14 million.
Macquarie Infrastructure Group (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). MIGs board valued the companys 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. 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.
The worst performing sector at midday is the Real Estate Investment Trust index, down 10 to 861.
Gold is trading at US$1,095 an ounce and the Aussie dollar is trading at 90.36 US cents.
RIO: Bounce trade In at $71.76 and Out at $72.55 AQP: Bought at open and sold at $6.81
