The Australian share market followed mostly positive leads from Wall Street and rose 17 points within the first 1.5 hours of trade this morning. But the local bourse has since back-pedalled and is now tracking just 10 points higher around midday.
There have been gains in the big banks, offsetting losses in mining and energy stocks.
Today’s top performing stock is Premier Investments
(ASX:PMV), whose retail brands include Peter Alexander, Smiggle and Just Jeans. The company’s share price soared 12% after reporting record first half sales. Apart from that, the local market is overall just staying afloat.
The S&P/ASX 200 index is up 10 points (or 0.17%) to 5,632. On the futures market the SPI is 8 points higher.
Company newsGenworth Mortgage Insurance Australia Ltd
(ASX:GMA) has reported its underlying NPAT fell 19.8% to $212.2 million in the full year ended 31 December 2016. Its CEO, Georgette Nicolas, says 2016 was a challenging year with a smaller high loan-to-value ratio market and increased mortgage delinquencies in “resource-exposed regional economies”. However, the company says this result was in line with expectations and declared a fully franked final dividend of 14 cents per share. Shares in Genworth are trading down 12.46 per cent at $2.95.
Medical Developments International Ltd
(ASX:MVP) has launched its pain relief medication Penthrox in France and Belgium – through its European partner, the Mundipharma network of companies. The Australian company says it will receive US$2 million as a milestone payment for the “First Commercial Sale” of the product in France. Shares in Medical Developments are trading up 5 per cent at $5.25.
Best and worst performersThe best performing sector is Financials, gaining 0.5 per cent to 6,429. Shares in FlexiGroup
(ASX:FXL) have risen 3.65 per cent and trading at $2.27. Shares in Henderson Group
(ASX:HGG) and Magellan Financial Group
(ASX:MFG) are also stronger.
The worst performing sector is Utilities, falling 1 per cent to 7,959. Shares in Infigen Energy
(ASX:IFN) have fallen 3.2 per cent, trading at $9.83. Shares in AGL Energy
(ASX:AGL) and APA Group
(ASX:APA) are also lower.
Commodities and the dollarGold is trading at $US1,233 an ounce.
The Australian Dollar is buying $US0.7624.
