The Australian share market opened little changed today and is lower at noon. Most sectors are trading in the red, except for staples and utilities.
The S&P/ASX200 index has dropped 22 points and is 4,282 at noon. On the futures market the SPI is 19 points lower.
Company news
Wesfarmers Limited (ASX:WES) has posted net profit for the year to June 30 of $1.92 billion, a 23 per cent increase on the year before. The company said the turnaround of its Coles supermarkets was on track, and it expects momentum to continue in the new year. Wesfarmers will pay a final, fully franked dividend of 85 cents, 15 cents more than last year. Shares in Wesfarmers Limited (ASX:WES) have risen 0.5 per cent to $30.45 at noon.
BHP Billiton Limited (ASX:BHP) has received approval to proceed with its takeover of Petrohawk Energy. The Committee on Foreign Investment in the US gave the green light, and said there were no national security implications involved. BHP has bid $US38.75 per share, cash, for the shale oil explorer and developer. Shares in BHP Billiton Limited (ASX:BHP) are down 1.1 per cent at $39.38.
Sectors and stocks
The best performing sector is utilities, gaining 26 points to 4,354. Shares in AGL Energy have risen 0.99 per cent and trading at $14.31. Shares in APA Group and Duet Group are also higher.
The worst performing sector is healthcare losing 153 points to 7,684. Shares in CSL have fallen 3.34 per cent and trading at $28.10. Shares in Resmed and Mesoblast are also lower.
New Zealand
The NZSX50 is 3 points lower. Taking a look at the top four stocks by turnover, Turners Auctions Limited is at the top of the list with stock up 8.7 per cent at $1.50 followed AMP, New Zealand Experience Limited and NZ Windfarms.
Gold and the dollar
Gold is trading at $US1,789 an ounce and the Australian dollar is buying $US1.0523 cents.
