Reporting erases early gains: Aus shares 0.42% lower at noon

Following strong leads on Wall Street with the Dow Jones rising almost 200 points, the Australian share market shot right up at the open.

However after a mixed bag of ASX 200 companies reporting financial results, with the likes of Coca-Cola (ASX:CCL) seeing a profit slide, and weaker revenues from IAG (ASX:IAG), our local bourse dipped into negative territory.

The most shine this session is coming from the Energy sector, after crude oil prices lifted overnight.

The S&P/ASX 200 index is 17 points down at 5,733 and now tracking 0.42 per cent lower at noon.

On the futures market the SPI is 2 points up.

Asian markets 

Japan’s Nikkei has added 0.54 per cent, Hong Kong’s Hang Seng is not trading after a Typhoon hit the city and the Shanghai Composite has lost 0.03 per cent.

Company news

Centuria Capital Group (ASX:CNI) has reported a stellar 37 per cent rise in its 2017 operating net profit after tax, after it hit $15.5 million in the financial year through to 30 June 2017. The property developer and manager also bolstered dividend/distributions per security to 7.5 cents per share, a 43 per cent improvement on FY16. Centuria’s funds under management grew 118 per cent over the financial year to $4.2 billion in total. Its reoccurring revenues also strengthen. Shares in Centuria Capital Group (ASX:CNI) are trading 0.39 per cent higher $1.29.

Woolworths (ASX:WOW) has seen its net profit after tax rise to $1.5 billion in the full 2017 financial year. Its sales grew almost 4 per cent over the year to $55.5 billion, compared to FY16. The company’s earnings before interest and tax meantime fell almost 5 per cent to $2.3 billion. Shares in Woolworths (ASX:WOW) are trading 0.18 per cent higher at $27.11.

IPOs

Windlab Limited (ASX:WND) started trading today. The company that develops, constructs and operates wind energy projects floated with an issue price of $2.00, opened at $1.94 and is currently trading at $1.90.

Best and worst performers

The best performing sector is Energy, gaining 1.03 per cent to 9,070. Shares in Beach Energy Limited (ASX:BPT) has risen 3.96 per cent and trading at $0.72. Shares in Worleyparsons Limited (ASX:WOR) and Origin Energy Limited (ASX:ORG) are also stronger.

The worst performing sector is Utilites, falling 1.60 per cent to 8,002. Shares in AGL Energy Limited (ASX:AGL) has fallen 3.03 per cent, trading at $22.74. Shares in Infigen Energy (ASX:IFN) and Spark Infrastructure Group (ASX:SKI) are also lower.

Commodities and the dollar

Gold is trading at $US1,284 an ounce and one Australian dollar is buying 78.92 US cents.