The local share market is steady at midday following a flat lead from Wall St overnight, investors cautious over the United States plans to overhaul healthcare and banking regulations, overshadowing gains in the miners on strong commodity prices.
All Ordinaries index had firmed 5.7 points, or 0.12 per cent, to 4,749.
ABS figures released today show that Australia?s trade deficit stood at $1.176 billion in January an improvement on the $2.174 billion deficit in December.
Reuters reports that iron ore giants BHP Billiton Ltd (BHP), Rio Tinto Ltd (RIO) and Brazil?s Vale are asking for a 50% increase in term prices. According to Reuters China Daily says Baosteel, one of China?s largest steel mills, which is leading this year?s ore talks, will wait and see how Japanese and South Korean steel mills react to the proposal before making a decision. Shares in BHP Billiton gained 0.86% to $42.03.
Regional lender Bendigo and Adelaide Bank Ltd (BEN) has followed the major banks and decided to pass on the full RBA rate rise to its customers. From March 9 the banks residential variable home loan rate will rise to 6.95% a year. The bank says third party mortgages will also rise by 25 basis points and there will also be an increase in interest paid on a range of deposits. Shares in Bendigo and Adelaide Bank fell 0.31% to $9.75.
Liquefied natural gas producer Woodside Petroleum Ltd (WPL) has revealed that CEO Don Voelte has sold close to a third of his stake in the company. However shares in the oil and gas producer advanced in early trade this morning despite the news. In a release to the ASX yesterday Woodside disclosed that Mr Voelte had sold 36,677 Woodside shares at a price of $44.31 each, earning himself over $1.6 million. Woodside Petroleum paid shareholders a total of $1.10 a share in dividends for 2009.
The best performing sector at midday is the Materials index, up 67 points at 12,306.
The worst performing sector at midday is the Utilities index, down 55 points to 4,293.
Gold is trading at US$1,138.70 an ounce and the Aussie dollar is trading at 90.44 US cents.
