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At midday both the S&P/ASX200 index and the All Ordinaries were down 32 points.
Meanwhile, US stocks rose on Thursday as oil prices fell again, bringing three-day losses to almost $US16 a barrel. The market was also boosted by stronger-than-expected quarterly results from JP Morgan Chase and United Technologies.
At the bell, the Dow Jones Industrial Average was up 207 points, while the tech-heavy Nasdaq Composite added 27.
In Asian trading today, Japan’s Nikkei index was up 51 points at midday, while Hong Kong’s Hang Seng had gained 276.
In ASX news, as the airline industry continues to battle record oil prices, Qantas today confirmed that it’s to cut up to 1,500 jobs in order to ensure its future.
Qantas said that the worldwide redundancy programme would be completed by December, and would principally focus on non-operational areas. In addition the airline will shut call centres in Arizona and London, and suspend Jetstar’s recruitment programme. Shares in the group were up two cents at midday.
In other news, property trust GPT Group today confirmed that it’s to sell its hotel and tourism portfolio, thought to be worth up to $900 million. The news comes a week after GPT slashed its 2008 earnings forecast by more than a quarter.
The group, whose share price has almost halved in the last month, has appointed JLL to market the portfolio which includes Ayers Rock Resort near Uluru, and Lizard and Heron Islands in Queensland. GPT said the proceeds from any sale would initially be used to pay down debt.
Finally, shares in farm chemicals group Nufarm surged up to seven per cent this morning following an earnings upgrade, despite tough farming conditions.
Nufarm said it now expects net operating profit for the full year of between $155 and $160 million, up from previous guidance of $150 million. The company also said it expected 2009 profit to rise to between $220 and $230 million driven by new markets, improved sales, and new product launches.
In individual share price movements on the ASX this morning the major resource stocks all fell on lower commodity prices. At midday, BHP Billiton was down 35 cents, Fortescue Metals fell 24, Rio Tinto lost $1.78, while Woodside Petroleum dropped $2.45.
The major banks also spent the morning in negative territory. At noon, ANZ was down eight cents, Commonwealth Bank slipped one, National Australia Bank fell 13 cents, while Westpac lost five.
Other blue chips were mixed. AMP fell three cents, News Corp and Telstra both added one, while Woolworths gained 18 cents.
Meanwhile, US stocks rose on Thursday as oil prices fell again, bringing three-day losses to almost $US16 a barrel. The market was also boosted by stronger-than-expected quarterly results from JP Morgan Chase and United Technologies.
At the bell, the Dow Jones Industrial Average was up 207 points, while the tech-heavy Nasdaq Composite added 27.
In Asian trading today, Japan’s Nikkei index was up 51 points at midday, while Hong Kong’s Hang Seng had gained 276.
In ASX news, as the airline industry continues to battle record oil prices, Qantas today confirmed that it’s to cut up to 1,500 jobs in order to ensure its future.
Qantas said that the worldwide redundancy programme would be completed by December, and would principally focus on non-operational areas. In addition the airline will shut call centres in Arizona and London, and suspend Jetstar’s recruitment programme. Shares in the group were up two cents at midday.
In other news, property trust GPT Group today confirmed that it’s to sell its hotel and tourism portfolio, thought to be worth up to $900 million. The news comes a week after GPT slashed its 2008 earnings forecast by more than a quarter.
The group, whose share price has almost halved in the last month, has appointed JLL to market the portfolio which includes Ayers Rock Resort near Uluru, and Lizard and Heron Islands in Queensland. GPT said the proceeds from any sale would initially be used to pay down debt.
Finally, shares in farm chemicals group Nufarm surged up to seven per cent this morning following an earnings upgrade, despite tough farming conditions.
Nufarm said it now expects net operating profit for the full year of between $155 and $160 million, up from previous guidance of $150 million. The company also said it expected 2009 profit to rise to between $220 and $230 million driven by new markets, improved sales, and new product launches.
In individual share price movements on the ASX this morning the major resource stocks all fell on lower commodity prices. At midday, BHP Billiton was down 35 cents, Fortescue Metals fell 24, Rio Tinto lost $1.78, while Woodside Petroleum dropped $2.45.
The major banks also spent the morning in negative territory. At noon, ANZ was down eight cents, Commonwealth Bank slipped one, National Australia Bank fell 13 cents, while Westpac lost five.
Other blue chips were mixed. AMP fell three cents, News Corp and Telstra both added one, while Woolworths gained 18 cents.
