Despite a soft overseas leads, Australian shares lifted on open, maintaining a 0.05 percent gain as we head into the afternoon session. Miners and Energy stocks lead the local bourse ahead of the Reserve Bank’s interest rate decision.
The S&P/ASX 200 index is flat at 4,881. On the futures market the SPI is 5 points lower.
Economic news
The ANZ-Roy Morgan consumer confidence index dropped 2.6 percent in the week ending 28 February. ANZ Chief Economist Warren Hogan said the return to back below the index’s long-run average highlighted consumer concerns surrounding the economic outlook.
Company news
Mineral Commodities Limited
(ASX:MRC) has recorded a net profit after tax of US$10.57 million in its preliminary final report for the year ended 31 December 2015. Basic earnings per share rose to US2.61. The company declared a final dividend of 1 Australian cent per share, unfranked. Shares in Mineral Commodities last traded at $0.10.
Iron Road Limited
(ASX:IRD) has entered a partnership with Emerald Grain, a wholly owned subsidiary of Japanese conglomerate Sumitomo Corporation. Under the partnership the two companies will develop a new grain distribution and supply chain utilising Iron Road’s planned rail and port facilities at Cape Hardy on the Eyre Peninsula in South Australia. Shares in Iron Road are trading up 27.27 per cent at $0.098.
Best and worst performers
The best performing sector is Materials, gaining 1.5 per cent to 6,984. Shares in Newcrest Mining have risen 4.8 per cent and trading at $18.34. Shares in Western Areas and Regis Resources are also stronger.
The worst performing sector is Telcos, falling 3.9 per cent to 1,853. Shares in Telstra have fallen 4.1 per cent, trading at $5.04. Shares in Vocus and TPG Telecom are also lower.
Gold and the dollar
Gold is trading at $US1,241 an ounce.
The Australian dollar is buying $US0.7124
