The Australian share market had moved into the green at noon.
All Ordinaries had risen 8.4 points, or 0.19 per cent, to 4445.
Some analysts are saying "The market has held up okay.There's been no panic selling; just some downward pressure. The gold stocks are doing well led by stronger gold stocks in overseas markets."
August new car and truck sales fell 5.2 per cent, according to industry figures released on Thursday. The Federal Chamber of Automotive Industries (FCAI) said 73,287 new vehicles were retailed last month, down from 77,323 in the same month last year. The result took demand to the end of August to 603,843, a 14.2 per cent fall compared to the same period in 2008.
Australia's trade deficit tripled to $1.56 billion in July, as imports rose and non-mining exports fell. The trade balance was almost twice as bad as expected, with economists generally forecasting a deficit of about $880 million, after June's $538 million deficit. It is the fourth month of deficit in a row, after Australia recorded a surprisingly large surplus of $1.9 billion in March, which helped keep the economy out of technical recession.
Murchison Metals Ltd (MMX) says it is targeting an additional 400 million to 1 billion tonnes of primarily beneficiation feed, with a component of direct shipping material, at its Jack Hills iron ore project. Ongoing exploration at the prospect has revealed the potential, which Murchison says is if fully realised will lift the project size to between 1.5 to 2.1 billion tonnes. Murchison says the results mean the Jack Hills mine has the potential to be a large scale, multi-decade project yielding substantial cash flow and economic value. Shares in Murchison Metals rose 9.22 per cent to $1.955.
Moly Mines Ltd (MOL) says it is close to completing documentation for a minimum US$25 million global institutional share placement as a condition of the restructure of its interim financing facility with US investment firm Trust Company of the West.On Monday the company announced that the Trust Company of the West had approved a one month extension to the maturity for its $150 million interim financing facility to November 30 2009.
Equinox Minerals Ltd (EQN) says it has paid Phelps Dodge Mining US$12.8 million to extinguish the right by Phelps to receive a one per cent net smelter return royalty from its Lumwana copper project. Between August 1999 and June 2003 Equinox earned a 51 per cent interest in Lumwana as a result of funding a bankable feasibility study. The company says under the purchase and sale agreement it then acquired the remaining 49 per cent interest in Lumwana.
The agreement provided that Phelps retain a right to a one per cent net smelter royalty that could be terminated by Equinox under certain conditions.
Virgin Blue Holdings Ltd (VBA) has announced the successful completion of the retail component of its entitlement offer announced on July 27.The company says the retail offer was fully underwritten and will raise $98.3 million. Virgin Blue says due to overwhelming demand it will scale back applications.
The best performing sector at midday is the Consumer Discretionary index up 13 points to 1,487. Shares in Ten Network Holdings up 5.74 per cent at $1.29. Shares in Austar United Communications and APN News & Media are also stronger at noon.
The worst performing sector at midday is the Real Estate Investment Trust index, down 9 points at 851. Shares in Stockland down 1.64 per cent to $3.59. Shares in CFS Retail Property Trust and Westfield Group are also lower.
Gold is currently trading at $976.25 US an ounce and the Aussie dollar is trading at 83.36 US cents.
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