Following negative offshore leads at the end of last week the Australian share market has slipped into the new week. Most sectors are lower with retailers and telco’s dragging while gold miners are stronger and providing some support to the resources sector.
Shares in Ten Network Holdings Limited
(ASX:TEN) are trading slightly lower after revealing its CEO and Chairman Hamish McLennan will step down. Shares in Atlas Iron Limited
(ASX:AGO) have plunged about 70 per cent after the iron ore miner emerged from a 16-week trading halt.
Figures
The S&P/ASX 200 index has slipped 4 points to 5,562. On the futures market the SPI is 14 points lower.
Company news
Shares in Northern Star Resources Limited
(ASX:NST) have leapt to the best performer in the benchmark index after posting stronger annual gold sales. The mining company delivered gold sales of 580,784 ounces in the year to the end of June, coming in at the upper end of prior guidance. Northern Star also reported annual costs came in at $1,065 per ounce, coming in at the lower end of guidance. Shares in Northern Star Resources are trading 6.68 per cent higher at $2.16.
Westpac Banking Corporation
(ASX:WBC) has flagged plans to raise about $750 million. The bank will conduct the raising through a notes issuing which will qualify as additional Tier 1 capital. Westpac says the proceeds will be put to general business purposes and are expected to strengthen the banks overall capital position. Shares in Westpac Banking Corporation are trading 0.06 per cent higher at $34.26.
Best and worst performers
The best performing sector is REITs, gaining 1.4 per cent to 1,275. Shares in Westfield Corporation Limited
(ASX:WFD) have risen 2.86 per cent and trading at $9.71. Shares in Scentre Group Limited
(ASX:SCG) and Federation Centres Limited
(ASX:FDC) are also stronger.
The worst performing sector is consumer discretionary, falling 0.6 per cent to 1,864. Shares in Navitas Limited
(ASX:NVT) have fallen 5.26 per cent, trading at $4.32. Shares in Kathmandu Holdings Limited
(ASX:KMD) and Retail Food Group Limited
(ASX:RFG) are also lower.
Gold and the dollar
Gold is buying $US1,096 an ounce.
The Australian dollar is buying $US0.7281.
