The Australian share market opened slightly up this morning and continues to edge higher at noon, on the back of the US Federal Reserve’s stimulus plan that pushed global markets higher at the end of last week. Commodity prices have also firmed giving the mining sector an extra boost.
The S&P/ASX 200 index is 10 points up at 4,400. On the futures market the SPI is 8 points higher.
Company news Shares in Macmahon Holdings Limited
(ASX:MAH) were placed in a trading halt this morning ahead of an announcement relating to the company’s earning guidance. The contract miner and construction group says a deteriorating financial performance in the construction sector has lowered its outlook for new construction activity. Macmahon had forecast 20 per cent profit growth in fiscal 2013 after it rebounded to a record full year profit last month, boosted by increased levels of revenue and project wins in fiscal 2012. Shares in Macmahon last traded at $0.53.
Echo Entertainment Group Limited’s
(ASX:EGP) total gross revenue for the group grew 11.1 per cent in the first 10 weeks of the 2013 financial year. Solid revenue growth has been recorded across all major lines of business driven by new product openings and continued activation of gaming areas. Shares in Echo are trading down 0.49 per cent at $4.10.
Best and worst performers The best performing sector is materials gaining 156 points to 10,124. Shares in Iluka Resources Limited
(ASX:ILU) have risen 7.43 per cent and trading at $11.06. Shares in Beadell Resources and BHP Billiton are also stronger.
The worst performing sector is health care, falling 213 points to 9,929. Shares in Primary Health Care Limited
(ASX:PRY) have fallen 3.47 per cent, trading at $3.62 Shares in CSL and ResMed are also lower.
Gold and the dollar
Gold is trading at $US1,777 an ounce and the Australian dollar is buying $US1.053.
