The Australian share market has opened flat this morning and edged backwards in early trade following weak offshore leads and declines in the energy sector.
The S&P/ASX 200 index is 1 point down at 4,394. On the futures market the SPI is 4 points higher.
Economic news The pace of economic activity in three to nine months time will remain soft according to Westpac Banking Corporation
(ASX:WBC) and Melbourne Institute’s Leading Indexes of Economic Activity. The index rose 2.2 per cent in July. Economists say while there has been some improvement it still remains below its long term trend of 2.7 per cent.
Company news Myer Holdings Limited
(ASX:MYR) Executive General Manager (stores) Nick Abboud has reportedly resigned after almost two decades with the company. According to media reports, Mr Abboud will join a private equity firm focused on retail opportunities. The news follows the retailer posting a 14.3 per cent decline in its annual profit amid a weak retail environment. Myer will conduct a search for a replacement. Shares in Myer are trading up 0.54 per cent at $1.85.
Shares in Karoon Gas Australia Limited
(ASX:KAR) lifted today following news it has executed an agreement to farm out 35 per cent of its Santos Basin exploration Blocks in Brazil. Canadian based oil and gas producer Pacific Rubiales Energy Corp will pay $US40 million in cash as consideration for the assignment and fund up to $US210 million in carried well costs. Shares in Karoon Gas are trading up 4.72 per cent at $5.33.
Best and worst performers
The best performing sector is health care gaining 68 points to 10,085. Shares in Acrux Limited
(ASX:ACR) have risen 2.8 per cent and trading at $3.30. Shares in Primary Health Care and Sigma Pharmaceutical are also stronger.
The worst performing sector is Energy, falling 78 points to 12,779. Shares in Coalspur Mines Limited
(ASX:CPL) have fallen 3.45 per cent, trading at $0.70. Shares in Senex Energy and Paladin Energy are also lower.
Gold and the dollar
Gold is trading at $US1,769 an ounce and the Australian dollar is buying $US1.042.
