Following soft leads from overseas, the Australian share market opened in negative territory, but is now flat at noon. Electronics retailer Dick Smith has lead the losses, its shares plummeting more than 30 per cent after it downgraded its profit guidance. The materials space is also losing ground ahead of the Federal Reserve’s decision on interest rates tomorrow.
The S&P/ASX 200 index is flat at 5,346. On the futures market the SPI is down 24 points.
Company news
Transurban Group
(ASX:TCL) has welcomed the Queensland government’s decision to progress its proposal to deliver upgrades to the Logan Motorway and Gateway Extension Motorway. The state will partner with Transurban to facilitate the development of a final business case and Binding Upgrade Proposal for the Logan Enhancement Project, as well as undertake community and stakeholder engagement. Shares in Transurban are trading 0.68 per cent higher at $10.41.
Mesoblast Limited
(ASX:MSB) has announced that the United States Patent and Trademark Office has granted a key patent covering the company’s use of MPCs for the formation and repair of blood vessels in ischemic tissues. The MPCs can be used for conditions including ischemic heart disease, stroke and peripheral arterial disease. Shares in Mesoblast are trading up 0.3 per cent at $3.38.
Best and worst performers
The best performing sector is Healthcare, gaining 1.05 per cent to 18,570. Shares in Sirtex have risen 8.7 per cent and trading at $37.61. Shares in Estia Healthcare and Regis Healthcare are also stronger.
The worst performing sector is Materials, falling 0.6 per cent to 8,200. Shares in Iluka have fallen 2.7 per cent, trading at $6.67. Shares in Arrium and Fortescue are also lower.
Gold and the dollar
Gold is trading at $US1,166 an ounce.
The Australian dollar is buying 71.38 US cents.
