Aussie shares drifted lower again Wednesday as a slew of companies on the securities exchange went ex-dividend today. Despite mixed results from Wall Street, the local market shed nearly 0.4% on a day when each sector had a broad mix of gainers and losers.
At lunch the All Ords fell 12.6 to 3,780.4, while the ASX/200 was down 13.5 to 3,783.4. Over 800 million shares, or $1.8 billion had changed hands.
Rio Tinto ventured into positive territory for the first time since trading ex-rights, gaining 1.3%, while the broader Materials and Resources sector was off 0.3%.
Rival BHP Billiton lost 0.9% despite base metals rising in overnight trade.
Fortescue drifted 0.3% lower, while OZ Minerals added 1.1%. Onesteel and Bluescope added 0.8% and 1.3% respectively.
Homebuilding materials company James Hardie shed 0.5%. The company announced it would be moving from its headquarters in the Netherlands to Ireland. Boral shed 1.5%.
The gold miners, Lihir Gold, Newcrest and Sino Gold lost 0.4%, 1.6% and 0.8% respectively.
Materials and explosives manufacturer Incitec Pivot rose 0.4%, while Orica slumped 3.2%.
The Banks and Financials sector lost 0.7% as the big four all lost ground Wednesday. ANZ and NAB lost 0.2% and 1.8% respectively, while Westpac and CBA shed 1.4% and 0.7%.
Macquarie Group dipped 1.8%.
It was a mixed morning for the insurers with AXA Asia Pacific and AMP off 1.1% and 1% respectively. IAG put on 0.9% while Suncorp-Metway spiked 3.8%.
Property Trusts were strongly contrasting in the morning trade. Heavyweight Westfield put on 2%, while GPT rose 1.1%.
Stockland and Dexus, however, lost 5.7% and 4.1% respectively. Mirvac was 2.3% below the line.
The sector overall lost 0.9%.
Energy stocks were 0.3% dearer, with Woodside Petroleum and Origin up 1.3% each. Santos was flat, while Oil Search shed 1.7%.
Volatile Felix Resources lost 3.2% this morning, while New Hope Corporation sank 1.1%.
WorleyParsons was unmoved at lunch, while Caltex also received little attention. Industrials gave up 1.5%, with transport-focussed stocks being heavily sold.
Auckland International Airport sank 2.7%, while toll-road operator Transurban dipped 2.7%.
Qantas lost 1%, while cross Tasman rival Air New Zealand rose 0.7%.
Macquarie satellites, Macquarie Airports and Macquarie Infrastructure Group slumped 7.5% and 7.1% respectively.
Brambles added 0.5%, while Leightons shed 1.5%. CSR spiked 3.5%.
Consumer Staples dipped 0.2%, with most stocks being within 1% either side of the gain line.
Woolworths lost 0.6%, while Wesfarmers added 0.7%. Metcash rose 0.2%.
Grain handler ABB put on 0.2%, while AWB shed 1.2%. Lion Nathan was flat, while rival Fosters shed 1.4%.
Consumer Discretionary climbed a modest 0.1%. Crown was the standout, rising 3.9%, supported by fellow gamers Aristocrat and Tatts adding 0.6% and 1.2%.
Retailers Billabong and JB Hi-Fi were 1.9% and 1% respectively.
Media stocks Newscorp and Fairfax dipped 0.8% and 1.3%.
Telecommunications were up 0.7%, with Telstra rising 0.9%.
Healthcare rose 0.8% thanks largely to CSL rising 1.2%.
Around the region, the Nikkei 225 rose 3.8 to 9,553.4, the Straits Times Index added 16.4 to 2,242.5 and NZSE50 fell 17.0 to 2,745.0.
Spot gold was trading at US$923.75 per ounce and the Aussie was buying US$0.79415.
James Hardie proposes move to Ireland
James Hardies Industries said it would seek shareholder approval to move its corporate domicile from the Netherlands to Ireland and transform the business into a form of European corporation known as a Societas Europaea. The company said the move would provide greater certainty for James Hardie to obtain benefits under the US/Ireland Treaty than is the case under the US/Netherlands Treaty.
At noon, James Hardie shares were down 3c to $4.12
Linc to off-load coal tenements
Linc Energy said it would aim to divest its interests in three key tenements as interest in coal mining resources globally increases. The clean coal technology company said investment bank UBS would advise on the sale.
At lunch, Linc shares were down 15c to $1.58
MAp increases stake in Sydney airport
Macquarie Airports has increased its stake in Sydney Airport to 74% after the company contributed $711m to the deleveraging the airport’s capital structure. The figure was within the company’s previous guidance of between $650m and $780m of the total $870m required to retire debt.
At midday, MAp shares were down 16c to $2.12
PMP announces transformation plans
PMP unveiled its transformation plans to address the earnings decline in its Australian and New Zealand business portfolio created by the current economic climate. The company said the transformation would be split into two phases.
At noon, PMP shares were down 1.5c to 39.5c
Infigen agrees to acquire wind assets
Infigen Energy has agreed to a total consideration of $23.5m to acquire Babcock and Brown International’s Australian and New Zealand wind energy project development assets, its US wind asset management business, and its minority interests in IFN’s existing wind farms in the US and Germany. Infigen said additional separation costs are expected to be approximately $8m.
At lunchtime, Infigen shares were down 4c to $1.13
