Despite soft leads from overseas, the Australian share market moved higher on open but has struggled to hold onto gains; sitting just 0.08 per cent up at noon. Shares in the banking and mining space continue to lead the local bourse as we head into this final afternoon session of the trading week.
The S&P/ASX 200 index is 2 points up at 5,083. On the futures market the SPI is flat.
Economic news
The ABS has reported another firm retail sales result, despite missing estimates. Sales were up 0.3 percent in January to be up 4 percent over the year.
Company news
Eclipx Group Limited
(ASX:ECX) wholly owned subsidiary, FleetPartners Australia has been appointed to the NSW Government’s panel of vehicle leasing providers to agencies across the NSW Government. The NSW State Fleet Suppliers Panel is a new initiative by the NSW Government that will have responsibility for providing the Government with fleet leasing for its more than 22,000 vehicle fleet. Shares in Eclipx Group are trading down 0.36 per cent at $2.75.
Starpharma Holdings Limited
(ASX:SPL) has signed a lease and supply agreement with Aspen Pharmacare Australia Pty Limited for the sale and marketing of VivaGel BV in Australia and New Zealand. Under the agreement, Aspen is responsible for marketing, promotion and distribution activities. Starpharma will supply Aspen with VivaGel BV and will receive royalties on net sales. Shares in Starpharma are trading up 1.96 per cent at $0.65.
Best and worst performers
The best performing sector is Financials excluding REITS, gaining 0.8 per cent to 6,562. Shares in Oz Forex have risen 5.22 per cent and trading at $2.12. Shares in Perpetual and Platinum Asset are also stronger.
The worst performing sector is REITS, falling 2.1 per cent to 1,333. Shares in Dexus have fallen 2.87 per cent, trading at $7.63. Shares in SCA Property and Goodman Group are also lower.
Gold and the dollar
Gold is trading at $US1,259 an ounce.
The Australian dollar is buying $US0.7349
