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mom 8,5%+ in ffm
ource: The Advertiser
The Australian share market was lower at noon, weighed down by bank and mining stocks.
Civil unrest in the Middle East also spooked investors. At 12pm (AEDT), the benchmark S&P/ASX200 index was down 48.5 points, or 1.02 per cent, at 4,726.4 points, while the broader All Ordinaries index had shed 49.5 points, or 1.02 per cent, at 4,823.0 points.
On the ASX 24, the December share price index futures contract was 57 points lower at 4,700 points, with 20,074 contracts traded.
Major banks and mining stocks led the broad market decline.
CMC Markets chief market analyst David Land said the Australian bourse was being negatively affected by disappointing economic data released in the United States last week and ongoing civil unrest in Egypt.
``I think the market is moving lower on the weaker US numbers... and the situation in Egypt and the region,'' Mr Land said.
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``That is being broadly weighed up by the market now, which is seeing the impact that could potentially have, not only in Egypt itself, but also if it spread throughout the region.
``A combination of bad news can have a marked impact on the movement of the market very, very quickly.''
In market news today, Southern Cross Media Group has offered to buy Austereo Group for $706.8 million in an offer that boosted the target company's shares but sent the suitor's stock tumbling.
At 12111pm (AEDT), shares in Southern Cross were down 21 cents, or 9.72 per cent, at $1.95, while Austereo was 20 cents higher, by 10.6 per cent, at $2.09. Shares in Austereo's majority owner, Village Roadshow, were 28 cents higher, by 10.2 per cent, at $3.03.
Industrial and retailing conglomerate Wesfarmers, which owns Coles supermarkets, was six cents higher at $33.81 as it said sales at Coles were up 5.9 per cent in the first half of the year, while home improvement and office sales rose 4.8 per cent in the same period.
Global education services provider Navitas firmed five cents to $3.79 after it said it was well positioned for the full financial year as growth in student numbers at new colleges helped boost first half profit.
Plumbing supplies and plastic pipelines maker Crane Group was up 40 cents, over four per cent, at $9.98 after its board recommended shareholders accept a revised takeover offer from Fletcher Building.
Fletcher shares were seven cents lower at $6.00.
Macquarie Telecom Group jumped 92 cents, or 10.3 per cent, to $9.88 as it lifted its guidance for first half earnings to around $20 million, from an earlier forecast of $15-17 million.
Carbon Energy fell one cent to 33 cents as it said it was confident of gaining environmental approval from the Queensland government to continue development of its Bloodwood Creek pilot-scale power plant site between Dalby and Chinchilla.
At 12.20pm (AEDT), among the major miners, BHP Billiton had retreated 62 cents to $44.07, and Rio Tinto was off $1.71, or two per cent, at $84.11.
In the banking sector, National Australia Bank declined 15 cents to $24.29, Westpac slipped 20 cents to $22.71, ANZ dipped 21 cents to $23.42, and Commonwealth Bank surrendered 39 cents to $52.01.
On Wall Street on Friday, the Dow Jones Industrial Average index lost 166.13 points, or 1.4 per cent, to 11,823.70, while the S&P 500 index dropped 1.8 per cent and the Nasdaq Composite index fell by 2.5 per cent.
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