Amid further weakness in commodity prices the local share market opened lower this morning and is 0.25 per cent down at noon.
Strength in Europe failed to lift the local bourse which now turns its attention to the release of China GDP figures due out later today. Energy stocks were once again the weakest performing sector this morning.
Later in the week the European Central Bank's meeting will be closely watched as it's anticipated that a program of quantitative easing will be announced.
The S&P/ASX 200 index is 15 points down at 5,294. On the futures market the SPI is 21 points lower.
Economic news The Australian Bureau of Statistics has shown a 1 per cent drop in merchandise imports in December last year seasonally adjusted.
And the ANZ Banking Group (ASX:ANZ)-Roy Morgan consumer confidence survey has shown a slight uptick in optimism, the index pushed up to 113.6 last week amid falling oil prices.
Company news
Atlas Iron Limited
(ASX:AGO) has shipped higher volumes than its guidance anticipated for the December quarter amid challenging conditions and falling average prices for iron ore.
The Pilbara miner says it will cut capital expenditure for the financial year by $25 million, to $69 million. And says it has dropped its all-in cash costs guidance for the full year to between $64 and $68/WMT. Shares in Atlas Iron are trading down 6.58 per cent at $0.18.
ICT consultancy firm UXC Limited
(ASX:UXC) is anticipating higher earnings than those forecast in guidance from November last year.
The company now says revenue for the first half would up 10.4 per cent and profit before tax will jump 85 per cent on the first half of 2014. Official results are set for release on the 26th of February. Shares in UXC are trading up 9.15 per cent at $0.78.
Best and worst performers The best performing sector is health care, gaining 0.2 per cent to 17,134. Shares in CSL Limited
(ASX:CSL) have risen 0.79 per cent and trading at $84.13. Shares in Japara Healthcare Limited
(ASX:JHC) and Greencross Limited
(ASX:GXL) are also stronger.
The worst performing sector is energy, falling 2 per cent to 10,425. Shares in Beach Energy Limited
(ASX:BPT) have fallen 6.08 per cent, trading at $0.89. Shares in Liquefied Natural Gas Limited
(ASX:LNG) and Senex Energy Limited
(ASX:SXY) are also lower.
Gold and the dollar
Gold is trading at $US1,275 an ounce.
The Australian dollar is buying $US0.8182.
