The Australian share market posted early gains this morning, rising at the open following positive earnings reports in the mining sector but has eased into the afternoon after new home sales data disappoints the market.
The S&P/ASX 200 index is 2 points up at 4,346. On the futures market the SPI is 4 points higher.
Economic news
The Housing Industry Association has reported new home sales in July lost ground, retreating 5.6 per cent for the month, ending three months of gains.
Company news
Telstra Corporation Limited
(ASX:TLS) says it will extend its coverage of the 4G network as it spends $1.2 billion updating the network. The extension will include building an additional 1000 new base stations and doubling its coverage across mainland capital cities over the next 10 months. Shares in Telstra are trading steady at $3.73.
Shares in Aristocrat Leisure Limited
(ASX:ALL) are higher today after it posted a 40 per cent rise in its first half net profit to $34.7 million, driven by ongoing top line growth. Shares in Aristocrat are trading up 6.81 per cent at $2.75.
Best and worst performers The best performing sector is health care gaining 141 points to 10,040. Shares in CSL Limited
(ASX:CSL) have risen 1.92 per cent and trading at $42.96. Shares in Primary Health Care and Sonic Healthcare are also stronger.
The worst performing sector is materials, falling 111 points to 9,621. Shares in Atlas Iron Limited
(ASX:AGO) have fallen 6.23 per cent and trading at $1.51. Shares in Saracen Mineral Holdings and Newcrest Mining are also lower.
Gold and the dollar
Gold is trading at $US1,662 an ounce and the Australian dollar is buying $US1.036.
