The Australian stock market was more than one per cent lower at noon, with the major miners and financial sectors weaker.
All Ordinaries fell 68 points, or 1.44 per cent, to 4,699.
Some analysts are saying "They're still pretty weak, as expected, as we saw broad-based falls in the US last night with all sectors finishing down. In Australia, all bar one of the sectors are in the red, with most of the points coming out of the financial, materials and industrials, and they were the big falls in the US, as well. The slew of weaker than expected economic data in the US overnight spooked a few people and confidence seems to have abated, and that's translating into some weakness here."
Oil giant Woodside Petroleum Ltd (WPL) has completed its review of the cost and schedule of the Pluto foundation project. The company says the project is 82% complete and remains on schedule to deliver first gas from the Pluto field at the end of 2010 and first liquefied natural gas in early 2011.
Woodside says the final cost of the project is expected to be 6% to 10% over the $11.2 billion approved by Woodside at the time of the final investment decision in July 2007.
Radio and media company Macquarie Radio Network Ltd (MRN), owner of 2GB and 2CH, says its performance to date in the current financial year is significantly better than its disappointing performance in 2008/2009. Chairman Russell Tate says the company’s core radio revenue for the four months to October 31 is 6% higher than last year and 16% higher than the rest of the Sydney radio market. Mr Tate says year on year revenue growth is flowing through to earnings with overall earnings before interest, tax, depreciation and amortization up 5.5% for the 4 months compared to the same period last year. The company says it is confident of achieving in excess of $4.5 million earnings before interest, tax, depreciation and amortization for the December half and in excess of $8.5 million for the full year. Shares in Macquarie Radio Network gained 14.55 per cent to $0.63.
All sectors are in the red at midday, however the Telco Services index is down just a 1 point to 1,135.
The worst performing sector at midday is the Financials Excluding Real Estate Investment Trust index, down 91 points to 5,403.
Gold is trading at US$1,144.20 an ounce and the Aussie dollar is trading at 92.12 US cents.
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