The Australian share market was almost flat at noon, as stocks pulled back from morning highs.
All Ordinaries fell 8 points, or 0.18 per cent, at 4,730.
Some analysts are saying "A lot of the commodity stocks were reasonably strong but everything seems to have run out of momentum. The liquidity of the market is not that great at the moment with some big orders from investors trying to sell which is having a big impact overall."
Mining giant BHP Billiton Ltd (BHP) says it has accepted the resignation of Dr David Morgan as Director. Dr Morgan has accepted an offer to be Managing Director of US investment firm JC Flowers for Europe and Asia Pacific, based in London. Given the time demands of this position, Dr Morgan believes that is necessary to relinquish all of his existing professional positions including his directorship of BHP Billiton. Chairman Don Argus says he is disappointed at Dr Morgan’s decision. Shares in BHP rose 0.1 per cent to $40.50.
The best performing sector at midday is the Energy sector index is up 135 points to 15,972.
The worst performing sector at midday is the Telco Services index, down 6 points to 1,135.
Gold is trading at US$1,160.65 an ounce and the Aussie dollar is trading at 92.16 US cents.
Deutsche Bank rates SGM as Hold - The broker notes the company is planning to raise up to $475m to fund its growth strategy. Yet there were no particulars given on the use of these funds. Deutsche believes a large acquisition may be in the offing given $475m would take Sims to a $185m net cash position.
The price target drops to $18.33 (from $19.28 ), yet the Hold call is maintained pending a further announcement on the use of funds. Target price is $18.33 Current Price is $21.29 Difference:($2.96)
