Local stocks are once again trading in the red mid-session, due to concerns about the impact the Queensland floods will have on insurers and banks, and thanks to a weak lead from offshore markets and a fall in metals prices in London.

Suncorp-Metway (SUN) shares are down another 2.2pct to $8.31 in the wake of flash flooding in South-East Queensland while QBE (QBE) has fallen 0.6pct to $17.90. The big four banks are also trading in the red.

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Among the miners, BHP Billiton (BHP) has dropped 0.2pct to $44.37 while Rio Tinto (RIO) is weaker by 0.5pct to $83.92. The board of African based Riversdale Mining (RIV) has recommended shareholders accept RIO’s $16 per share offer for the company, with RIV shares down 1.3pct currently to $16.43.

Shares in coal miner New Hope (NHC) have fallen 2pct to $4.95 after announcing it has suspended production due to the Queensland floods.

The Australian dollar is weaker across the board at US98.89c, £0.6364 and €76.54c.

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