Mundane Monday: Aus shares track flat at noon

Despite a decline on Wall Street on Friday, the Australian share market opened practically flat and had a small spike at around 11am but is now flat lining once again tracking 0.05 per cent higher at noon. We’ve seen the biggest falls in the energy and financials sectors, with all of the big four banks trading in negative territory. The materials space is the best performer so far this session with small gains in the big miners BHP and Rio Tinto and we’ve also witnessed a rebound in the gold stocks.

The S&P/ASX 200 index is 3 points up at 5,287. On the futures market the SPI is up 8 points.

Company news

Australia and New Zealand Banking Corporation (ASX:ANZ) has announced it will strengthen its focus on running a world class Institutional Bank in Asia, following an agreement to sell its Retail and Wealth business in Singapore, Hong Kong, China, Taiwan and Indonesia to Singapore’s DBS Bank. The bank says the transaction simplifies the business while allowing ANZ to benefit from higher levels of growth in the region. Shares in ANZ are trading down 0.22 per cent at $27.56.

Woodside Petroleum Limited (ASX:WPL) has announced the completion of the transaction to acquire 100 per cent of the shares in ConocoPhillips Senegal. The transaction was completed for a purchase price of US$350 million plus net customary adjustments of around US$90 million. The oil giant says the acquisition also includes a 35 per cent working interest in three offshore exploration blocks, which contain deep water oil discoveries in Senegal. Shares in Woodside are trading down 0.71 per cent at $28.12.

Best and worst performers

The best performing sector is Materials, gaining 0.96 per cent to 9,195. Shares in Orocobre have risen 15.72 per cent and trading at $3.68. Shares in Oz Minerals and Newcrest Mining are also stronger.

The worst performing sector is Energy, falling 1.04 per cent to 8,159. Shares in Beach Energy have fallen 4.64 per cent, trading at $0.72. Shares in Whitehaven Coal and Oil Search are also lower.

IPOs

Boyuan Holdings Limited (ASX:BHL) started trading today. The Chinese Developer floated with an issue price of $0.20, opened at $0.22 and is currently trading at $0.22.

Gold and the dollar

Gold is trading at $US1,277 an ounce.
The Australian dollar is buying $US0.7587.