The Australian share market descended at the open and continues to trade in the red as investors remain cautious ahead of an interest rate decision from the US Federal Reserve.
The S&P/ASX 200 index is 17 points down at 4,345. On the futures market the SPI is 19 points lower.
Company news
Sigma Pharmaceutical Limited
(ASX:SIP) first half net profit dipped 2.1 per cent to $26.1 million from the same time last year and expects similar conditions into its second half. Sigma says its results were impacted by reforms to the pharmaceutical benefits scheme and on-going re-investment in the business. The drug wholesaler and retailer also announced a share buy back of up to 10 per cent of its issued capital. And boosted dividends for shareholders. Shares in Sigma are trading down 1.45 per cent at $0.68.
Ardent Leisure Group
(ASX:AAD) entered a trading halt today as it announced the expansion of its gym business.The Leisure and entertainment business agreed to acquire Fenix Fitness Clubs for $60.9 million, in an effort to boost its Goodlife fitness centre business. Fenix owns and operates several fitness clubs throughout Victoria and Queensland. Ardent says the acquisition will be partly funded through a fully underwritten institutional placement aimed at raising about $50 million. A share purchase plan will also be issued to retail investors and capped at $20 million. Shares in Ardent Leisure last traded at $1.34.
Best and worst performers The best performing sector is telco services gaining 6 points to 1,320. Shares in M2 Telecommunications Group Limited
(ASX:MTU) have risen 1.16 per cent and trading at $3.48. Shares in Telstra are stronger whilst SingTel is slightly lower.
The worst performing sector is health care, falling 121 points to 10,245. Shares in Sonic Healthcare Limited
(ASX:SHL) have fallen 2.65 per cent, trading at $13.41Shares in Sigma Pharmaceutical and CSL are also lower.
Gold and the dollar
Gold is trading at $US1,733 an ounce and the Australian dollar is buying $US1.048.
