The Australian share market opened 0.3 per cent higher on the back of positive leads from Wall Street but has pared gains and dipped into the red at noon.
The S&P/ASX 200 index has lost 3 lost and is 4,372. On the futures market the SPI is 11 points lower.
Market Movers
Shares in ResMed Inc. (ASX:RMD) have risen to the best performer of the top 200 after the medical equipment manufacturer posted record financial results. In the March quarter ResMed’s revenue grew 11 per cent to $349 million and income from operations gained 20 per cent to $76 million. Shares in ResMed have risen 5.19 per cent and are trading at $3.24.
Shares in Sundance Resources Limited (ASX:SDL) have lifted to one of the mornings best performers, after announcing it has reached an agreement with the Republic of Cameroon Government on significant key terms underpinning the Mbalam Iron Ore Project Convention. Sundance is a West Africa focused iron ore developer and says the latest announcement is a crucial agreement that paves way for the development of its Mbalam Project. Shares in Sundance Resources have lifted 2.15 per cent and area trading at $0.475.
Best and worst performers
The best performing sector is Telco Services gaining 10 points to 1,216. Shares in Hutchison Telecommunications Limited (ASX:HTA) have risen 9.76 per cent and trading at $0.045. Shares in Amcom Telecommunications Limited (ASX:AMM) and Telecom Corporation of New Zealand (ASX:TEL) are also stronger.
The worst performing sector is Health Care, falling 78 points to 8,935. Shares in CSL Limited (ASX:CSL) have fallen 3.16 per cent, trading at $36.82. Shares in Sigma Pharmaceutical Limited (ASX:SIP) and Starpharma Holdings Limited (ASX:SPL) are also lower.
Gold and the dollar
Gold is trading at $US1,656 an ounce.
The Australian dollar is buying $US1.0378.
