The local share market saw more volatility today as it followed Wall street lower on open before jumping back into positive territory towards midday.
Fortescue Metals led the way with solid production figures and consumer discretionary was the best performing sector this morning.
The Aussie dollar has continued its slide, sitting just above $US0.79
The S&P/ASX 200 index is 12 points up at 5,565. On the futures market the SPI is 11 points lower.
Economic news
The Australian Bureau of Statistics has reported that export prices stayed flat in the December quarter while import prices lifted by a little under 1 per cent.
Company news
Shares in Fortescue Metals Group Limited
(ASX:FMG) have jumped on second quarter production growing by 36 per cent, on the same quarter last year, and coming in within guidance. The iron ore miner extracted 43.6 million tonnes of ore in the quarter which puts it on track to achieve its full year target of between 155 and 160 million tonnes. The company says C1 costs improved by 11 per cent on the previous quarter due to a continued focus on operational efficiency. Shares in Fortescue are trading up 6.62 per cent at $2.18.
AWE Limited
(ASX:AWE) has seen its quarterly production fall 16 per cent but still affirms its full year targets. The oil and gas explorer says it produced 2.56 m barrels of oil equivalent in the first half and is on track to between 4.6 and 5.1 mmboe for the full year. Managing Director Bruce Clement says the last six months have been positive despite the dramatic fall in oil prices. Shares in AWE are trading down 1.56 per cent at $1.27.
Best and worst performers The best performing sector is consumer discretionary, gaining 0.6 per cent to 1,856. Shares in Ten Network Holdings Limited
(ASX:TEN) have risen 2.56 per cent and trading at $0.20. Shares in Premier Investments Limited
(ASX:PMV) and GUD Holdings Limited
(ASX:GUD) are also stronger.
The worst performing sector is energy, falling 2.21 per cent to 10,655. Shares in Beach Energy Limited
(ASX:BPT) have fallen 3.23 per cent, trading at $0.90. Shares in Karoon Gas Australia Limited
(ASX:KAR) and Worleyparsons Limited
(ASX:WOR) are also lower.
Gold and the dollar
Gold is trading at $US1,286 an ounce.
The Australian dollar is buying $US0.7902
