Australian share market flat on Euro concerns

Business News Australian share market flat on Euro concerns ; The Australian share market was trading flat at midday after receiving a soft lead from Wall Street overnight. Encouraging manufacturing figures from the US were offset by a threat to Spain’s credit rating, hurting global investor confidence. With little local economic news out today, market analysts predict a weak day in trading, as investors are driven by Asia’s reaction to new European concerns.

The S&P/ASX200 index has lifted 2 points to 4,770. On the futures market the SPI is down 9 points.

Company news: Australia’s competition watchdog has conditionally approved an alliance between Virgin Blue Holdings Ltd (ASX:VBA) and Air New Zealand, after imposing a number of conditions on the tie-up. In a statement, the Australian Competition and Consumer Commission says the conditional authorisation of the Air Zealand deal involves coordination around pricing, revenue management and schedules on trans-Tasman flights for three years, to December 2013. ACCC’s chairman Graeme Samuel says the tie-up is likely to benefit passengers in numerous ways. Shares in Virgin Blue Holdings are up 5.88 per cent at $0.45.

Russia’s state atomic energy company, Rosatom, has launched a $1.6 billion bid for Africa-focused uranium developer, Mantra Resources Ltd (ASX:MRU). Rosatom’s mining arm ARMZ Uranium Holding, has offered $8 per share, a 5.5 per cent premium to its last trading price. The announcement comes as the world’s big nuclear companies look to secure uranium reserves in order to support their nuclear power station building programs. Shares in Mantra Resources are down 0.76 per cent at $7.86.

Market indices: The best performing sector is Utilities with the index lifting 25 points to 4,381. Shares in Energy World have gained 6.12 per cent to $0.52. Shares in and AGL Energy and Challenger Infrastructure Fund have also risen at noon. The worst performing sector at midday is Telco Services, dropping 6 points to 948. Shares in Telstra lost 0.36 per cent to $2.76. Shares in IINET and Telecom Corporation of New Zealand have also eased at midday.

New Zealand: The NZSX50 is down 8 points. Taking a look at the top 4 stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock 0.46 per cent higher at t$2.17; followed Fletcher Building, Westpac and ANZ Bank. To gold and the dollar: Gold is trading at $US1,381 an ounce and the Aussie dollar is buying 98.81 US cents. For the latest updates PRESS CTR + D or visit Stock Market news Today

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