Following mixed leads, the Australian share market opened flat and is 0.6 per cent up at noon. BHP Billiton and Westpac are the biggest drags on trade as the big bank trades ex-dividend. Despite this, shares in banking stocks have led the local sharemarket higher in late morning trade.
The S&P/ASX 200 index is 30 points up at 5,129. On the futures market the SPI is 56 points higher.
Economic news
Australian consumer sentiment recorded a six-month high in November. The Westpac and Melbourne Institute survey rose to 3.9 percent in what Westpac chief economist Bill Evans described as a cracking result.
Company news
Flight Centre Limited
(ASX:FLT) has maintained its profit guidance for the financial year. Managing Director Graham Turner told shareholders the company expects underlying profit before tax will grow by up to 8 percent to the range of $380 million to $395 million. Shares in Flight Centre are trading up 0.84 per cent at $37.09.
Helloworld Limited
(ASX:HLO) has confirmed it has recommenced discussions with AOT Group regarding a potential merger transaction. The announcement was made in light of press speculation. The company says the evaluation of the merger is still in process. Shares in Helloworld are trading up 3.33 per cent at $0.31.
Best and worst performers
The best performing sector is Financials excluding REITS, gaining 1 per cent to 6,758. Shares in ANZ have risen 3.01 per cent and trading at $26.31. Shares in Commonwealth Bank and NAB are also stronger.
The worst performing sector is Materials, falling 0.64 per cent to 7,606. Shares in Independence Group have fallen 2.53 per cent, trading at $2.70. Shares in Western Australia and South32 are also lower.
IPOs
Turning to IPOs and BWX Limited
(ASX:BWX) started trading today. The beauty and personal care producer floated with an issue price of $1.50, opened at $2.12 and is currently trading at $2.08.
Gold and the dollar
Gold is trading at $US1,090 an ounce.
The Australian dollar is buying $US0.7046