Despite positive leads, the Australian share market opened lower and is trading flat at noon.
The S&P/ASX 200 index is 4 points down at 4,203. On the futures market the SPI is 11 points higher.
Ten Network Holdings Limited (ASX:TEN) has entered into an agreement to sell outdoor advertising business, Eye Corp, to Champ Private Equity. Ten says the transaction values Eye Corp at about $145 million and it intends to use the proceeds to pay down debt. Shares in Ten Network are trading down 0.99 per cent at $0.50.
Funtastic Limited (ASX:FUN) has announced the $4.5 million retail component of its entitlement issue has been fully underwritten, securing the company’s debt reduction plan and growth strategy. The toy maker says Bell Potter Securities has underwritten the retail entitlement offer and a private company associated with Gerry Harvey has fully sub underwritten it. Shares in Funtastic are trading up 3.23 per cent at $0.16.
Best and worst performers
The best performing sector is Industrials gaining 16 points to 3,273. Shares in Seven Group Holdings Ltd (ASX:SVW) have risen 4.68 per cent and trading at $7.38. Shares in Boart Longyear Ltd. (ASX:BLY) and Sydney Airport Holdings Ltd(ASX:SYD) are also stronger.
The worst performing sector is Utilities, falling 46 points to 5,030. Shares in ResMed Inc. (ASX:RMD) have fallen 1.6 per cent, trading at $3.08. Shares in Sonic Healthcare Limited (ASX:SHL ) and Primary Health Care Limited (ASX:PRY) are also lower.
Gold and the dollar
Gold is trading at $US1,581 an ounce
The Australian dollar is buying $US1.041