Buoyed by positive offshore leads, on the back of strong US and Chinese manufacturing data, the Australian share market rose at open but reversed gains and is trading flat noon. The utilities sector is weighing after APA Group’s (ASX:APA) biggest shareholder sold its stake in the company. The financials are also dragging, with the Big Four Banks trading in the red after ANZ Banking Group’s (ASX:ANZ) first half results failed to impress.
The S&P/ASX 200 index has added 3 and is 4,433. On the futures market the SPI is 8 points higher.
Market Movers
Shares in Macmahon Holdings Limited (ASX:MAH) have risen to the top 200s best performer after updating the market on its Tavan Tolgoi coal contract in Mongolia. The contract mining and construction company says it has now taken over responsibilities for the entire project, from what was previously a 50:50 joint venture, to enable the rapid ramp-up of production. Shares in Macmahon Holdings have risen 2.82 per cent and are trading at $0.73.
Shares in APA Group (ASX:APA) have fallen to the top 200s worst performer on news its largest shareholder, Petronas, has sold its $540 million stake in the pipeline operator. APA Group has confirmed the Malaysian oil company Petronas decided to sell its 17.3 per cent interest because of “a rationalisation of its investment portfolio”. Shares in APA Group have fallen 5.98 per cent and are trading at $4.87.
Best and worst performers
The best performing sector is Health Care gaining 126 points to 9,155. Shares in Prima BioMed Limited (ASX:PRR) have risen 2.38 per cent and trading at $0.21. Shares in CSL Limited (ASX:CSL) and Mesoblast Limited (ASX:MSB) are also stronger.
The worst performing sector is Utilities, dropping 96 points to 4,795. Shares in APA Group (ASX:APA) have fallen 5.98 per cent, trading at $4.87. Shares in Hastings Diversified Utilities Fund (ASX:HDF) and DUET Group (ASX:DUE) are also lower.
Gold and the dollar
Gold is trading at $US1,659 an ounce.
The Australian dollar is buying $US1.0333.
