Despite the SPI pointing to a lower start, the Australian share market jumped more than one per cent at open but has trimmed those early gains at midday on market fear of European debt problems.
The S&P/ASX200 index gained 26 points and is 3,929. On the futures market the SPI is up 10 points.
Company news
Macquarie Group Limited’s (ASX:MQG) Macquarie Bank has won a $95 million dispute with the Australian Tax Office. The matter was heard in the Federal Court over the sale of a stake in nickel producer Minara Resources Limited (ASX:MRE) in 2004. The ATO’s claim that the bank used a tax avoidance scheme was dismissed. Shares in Macquarie Group Limited (ASX:MQG) have lost 0.19 per cent and are trading at $20.67.
Aston Resources Limited (ASX:AZT) has posted a maiden net profit of $243 million. The profit came in a year where the company gained on the sale of a 15 per cent stake in the Maules Creek Project of $253.9 million. It repaid the remaining acquisition debt used to acquire the project in July. No dividend will be paid. Shares in Aston Resources Limited (ASX:AZT) have slipped 1.9 per cent and are trading at $9.83.
Best and worst performers
The best performing sector is healthcare, up 175 points to 7,603. Shares in CSL have lifted 2.95 per cent and trading at $29.29. Shares in Sigma Pharmaceuticals and ResMed are also up.
The worst performing sector is materials, retreating 48 points to 10,810. Shares in Lynas have shed 3.32 per cent and trading at $1.02. Shares in Newcrest and Fortescue are also lower.
New Zealand
The NZSX50 has fallen 14 points. Taking a look at the top four stocks by turnover, Telecom Corporation of New Zealand is at the top of the list with stock down 2.84 per cent at $2.565 followed by Fletcher Building, Westpac and ANZ.
Gold and the dollar
Gold is trading at $US1,644 an ounce and the Australian dollar is buying 97.92 cents.
