Following offshore leads that saw overseas markets all end in the red, the Australian share market opened lower this morning and is trading flat at noon.
The S&P/ASX 200 index is 2 points up at 4,318. On the futures market the SPI is 9 points higher.
Economic news
National Australia Bank has released its index of online sales for July, revealing a 5.8 per cent increase from June. Australian online sales were valued at $11.7 billion for the year to July, representing 5.3 per cent of overall retail spending and faster growth than traditional outlet sales. Domestic and International online sales grew by 24 and 29 per cent respectively.
Company news
Hastings Diversified Utilities Fund (ASX:HDF) has reported a $134 million half year loss less than a month after its $1.4 billion takeover by APA group. The energy investor says there are no other major factors behind the decline in financial performance after swinging from a $27 million profit this time last year, reporting positive operations and progress from their current projects. Shares in Hastings are trading up 0.19 per cent at $2.66.
Harvey Norman Holdings Limited (ASX:HVN) full year profit has dived 32 per cent to $172.5 million. The retailer attributed the result to difficult trading conditions and sizeable price drops resulting from the restructuring of competitors. CEO Gerry Harvey says the liquidation of WOW Sight and Sound, several Retravision store closures and Dick Smiths brand restructuring created a glut of never before seen prices. Shares in Harvey Norman are trading 0.95 per cent higher at $2.12.
Best and worst performers
The best performing sector is Consumer Staples gaining 74 points to 8,571. Shares in Metcash Limited (ASX:MTS) have risen 1.64 per cent and are trading at $3.71. Shares in Woolworths Limited (ASX:WOW) and Wesfarmers Limited (ASX:WES) are also stronger at noon.
The worst performing sector is Industrials, falling 21 points to 3,345. Shares in Ausdrill Limited (ASX:ASL) have fallen 8.55 per cent and trading at $2.83. Shares in Virgin Australia Holdings Limited (ASX:VAH) and Boart Longyear Limited (ASX:BLY)are also trading lower.
Gold and the dollar
Gold is trading at $US1,657 an ounce and the Australian dollar is buying $US1.029.
