Miners take charge: Aus shares flat at noon

Market Reports

by Carolyn Herbert

Despite a modest lead from Wall Street on the back of better than expected housing data, the Australian share market is struggling for direction so far this session. The local bourse plunged about half an hour into the day's trade, but has since managed to regain some momentum and is tracking flat or 0.08 per cent higher at noon. So far the materials sector is leading the charge with gains in the iron ore miners BHP, Rio Tinto and Fortescue.

The S&P/ASX 200 index is 5 points up at 5,559. On the futures market the SPI is 25 points higher.

Company news

Metcash Limited (ASX:MTS) has gone into a trading halt pending the release of an announcement by the company. The independent supermarket operator says the halt is in relation to its participation in the Home Timber & Hardware Group sales process being conducted by Woolworths. The trading halt will remain in place until the earlier of the announcement being released or this Friday. Shares in Metcash last traded at $2.06.

Blackmores Limited (ASX:BKL) has posted a record net profit after tax of $100 million up 115 per cent on last year. Group sales in the vitamin giant were up 52 per cent to $717 million. A final dividend of $2.10 was declared, bringing total ordinary dividends to $4.10 for the year, 102 per cent above last year’s dividend. Shares in Blackmores are trading down 13.8 per cent at $138.66.

Best and worst performers

The best performing sector is Materials, gaining 0.8 per cent to 9,040. Shares in Fortescue Metals have risen 3.37 per cent and trading at $5.07. Shares in BHP and Western Areas are also stronger.

The worst performing sector is Telcos, falling 3.1 per cent to 1,972. Shares in Telstra have fallen 3.37 per cent, trading at $5.30. Shares in Vocus Communications and Spark NZ are also lower.

Gold and the dollar

Gold is trading at $US1,339 an ounce.
The Australian dollar is buying $US0.7611.




 

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