Despite positive leads from overseas markets that all finished up, the Australian share market edged lower at open and slipped early before regaining early losses to be 0.06 per cent down at noon, just below even.
The S&P/ASX 200 index is 3 points down at 4,381. On the futures market the SPI is 1 point lower.
Karoon Gas Australia Limited (ASX:KAR) has released the results of an independent report for its South American prospective resources portfolio. The report estimates gross resources of 812 million barrels of oil across 31 prospects in South America. Estimates submitted exclude Karoon’s two Pre-Salt prospects as well as the Maruja discovery in the Santos Basin of Brazil. Shares in Karoon are trading down 1.3 per cent at $5.33.
Sundance Resources Limited (ASX:SDL) shares have been placed in a trading halt ahead of an anticipated announcement from Chinese suitor, Hanlong Mining. The iron explorer says the trading halt is effective pending an announcement on Hanlong's financial commitment obligations under its revised takeover offer. An announcement is expected before the open of the Australian share market on Tuesday. Shares in Sundance last traded at $0.34.
Best and worst performers
The best performing sector is Real Estate investment trusts gaining 3 points to 934. Shares in Mirvac Group (ASX:MGR) have risen 1.4 per cent and trading at $1.45. Shares in Westfield Retail Trust (ASX:WRT) are also up, while DEXUS Property Group (ASX:DXS) are trading steady at noon.
The worst performing sector is Health Care, falling 111 points to 10,321. Shares in CSL Limited (ASX:CSL)have fallen 1.62 per cent, trading at $45.26. Shares in Acrux Limited (ASX:ACR) and ResMed Inc.(ASX:RMD) are also lower.
Gold and the dollar
Gold is trading at $US1,781 an ounce.
The Australian dollar is buying $US1.045.