Despite weak leads from Wall Street on Friday on the back of disappointing retail data, the Australian share market has managed to keep its head above water so far this session and is tracking 0.24 per cent higher at noon. The financials space is doing the bulk of the heavy lifting so far with gains in all of the big four banks. This is being heavily offset by losses in the materials space, the big miners in particular with BHP and Rio Tinto both shedding over 2 per cent.
The S&P/ASX 200 index is 12 points up at 5,543. On the futures market the SPI is up 14 points.
Company newsNewcrest Mining Limited
(ASX:NCM) has reported a 12 per cent fall in net profit to $332 million for FY16. Gold production however increased by 1 per cent to 2.4 million ounces for the year. The gold miner has declared a final dividend of US7.5 cents per share. Shares in Newcrest are trading down 3.21 per cent at $24.71.
Northern Star Resources Limited
(ASX:NST) has signed an agreement to sell its Plutonic gold mine in Western Australia. The sale terms comprise cash and scrip with a combined value of $66.2 million. At completion the company intends to declare a final dividend of 3 cents per share. Shares in Northern Star are trading up 1.04 per cent at $4.84.
Best and worst performersThe best performing sector is Telcos, gaining 1.05 per cent to 2,040. Shares in Telstra have risen 1.19 per cent and trading at $5.51. Shares in Spark NZ and Vocus Communications are also stronger.
The worst performing sector is Materials, falling 1.2 per cent to 8,757. Shares in Western Areas have fallen 3.94 per cent, trading at $2.81. Shares in Sandfire Resources and Newcrest Mining are also lower.
Gold and the dollarGold is trading at $US1,338 an ounce.
The Australian dollar is buying $US0.7643.
