The Australian share market has retreated into the red following weak offshore leads and weighed down by the big banks and energy stocks.
The S&P/ASX 200 index is 10 points down at 4,373. On the futures market the SPI is 18 points lower.
Economic news
Westpac and the Melbourne Institute has released an index indicating the likely pace of economic activity three to nine months into the future. The Leading Index has shown economic activity was 2.4 per cent in June slightly down from its long-term trend of 2.7 per cent.
Company news Shares in SEEK Limited
(ASX:SEK) have made a solid start to the day after the online job advertiser released its full year figures. SEEK’s full year profit jumped by 35 per cent to $131.7 million as all of its three main businesses generated higher earnings for the year. A final fully-franked dividend of 9 cents per share has been declared. Shares in Seek are trading up 5.67 per cent at $7.08.
Asciano Limited’s
(ASX:AIO) full year profit has risen 19 per cent to $240.8 million boosted by new contracts from its rail, ports and logistics businesses. Asciano’s chief forecasts a solid year of growth but no guidance has been provided. The ports and rail operator declared a fully-franked final dividend of 4 cents per share. Shares in Asciano are trading down 2.89 per cent at $4.37.
Best and worst performers The best performing sector is consumer staples gaining 77 points to 8,584. Shares Wesfarmers Limited
(ASX:WES) have risen 1.77 per cent and trading at $34.50. Shares in Coca-Cola Amatil and Metcash are also stronger.
The worst performing sector is energy, falling 162 points to 12,978. Shares in Woodside Petroleum Limited
(ASX:WPL) have fallen 2.69 per cent, trading at $35.03. Shares in Santos and Paladin Energy are also lower.
Gold and the dollar
Gold is trading at $US1,640 an ounce and the Australian dollar is buying $US1.0 45.
