Negative leads from Wall Street pushed the Australian share market into the red at open and stocks are 0.4 per cent down at noon. Following a week of declines the benchmark is staying soft with losses in the energy sector offsetting gains among resource stocks. The gold sub-index has climbed 6 per cent and gold miners are dominating the best performers after the precious metal price lifted more than $US24 overnight.
Figures
The S&P/ASX 200 index has slipped 29 points and is trading at 5,302 at noon. On the futures market the SPI is 31 points lower.
Company news
Specialty Fashion Group Limited
(ASX:SFH) has warned its first half earnings could fall up to 32 per cent because of its troubled Rivers brand. The fashion retailer expects to deliver interim EBITDA of between $21 million and $23 million and has flagged an anticipated $11 million loss from Rivers. CEO Gary Perlstein says the business outside Rivers has performed well and the company is confident Rivers will make a meaningful contribution to profitability in the future. Shares in Specialty Fashion Group have risen 1.41 per cent and are trading at $0.72 at noon.
The chief of gloves and condom maker Ansell Limited
(ASX:ANN) is being re-located to Brussels but he will also retain his office in New Jersey. CEO and Managing Director Magnus Nicolin will now split his office-based times between these key Ansell hub locations. The move is geared to providing better access to Ansell’s locations including its Malaysian hub offices and Asian factory locations. Shares in Ansell have lost 0.41 per cent and are trading at $22.13 at noon.
Best and worst performers
Most sectors are trading in negative territory: The best performing sector is materials, gaining 0.6 per cent to 8,308. Shares in Beadell Resources Limited
(ASX:BDR) have risen 8.33 per cent and trading at $0.36. Shares in Northern Star Resources Limited
(ASX:NST) and Newcrest Mining Limited
(ASX:NCM) are also stronger.
The worst performing sector is health care, falling 2.7 per cent to 17,040. Shares in Sirtex Medical Limited
(ASX:SRX) have dropped 4.11 per cent, trading at $26.37. Shares in CSL Limited
(ASX:CSL) and Mesoblast Limited
(ASX:MSB) are also lower.
Gold and the dollar
Gold is buying $US1,262 an ounce.
The Australian dollar is buying $US0.822.
