The Australian share market has edged ahead to be in positive territory at midday after a dip in Wall Street saw the local market open softly this morning.
The S&P/ASX 200 indexis 7 points up at 4,513. On the futures market the SPI is 12 points higher.
C
ompany news APA Group
(ASX:APA) has increased its substantial holding in Hastings Diversified Utilities Fund
(ASX:HDF) to 82.7 per cent. APA has also extended the offer period for its unconditional takeover period to the end of this month. Shares in APA Group are trading up 0.1 per cent at $4.95.
Echo Entertainment Group Limited
(ASX:EGP) has lifted revenue by just under 13 per cent in the first 16 weeks of the current financial year. The boost is underpinned by strong growth at Sydney’s Star casino, however trading remains difficult for Echo’s Queensland operations due to a softer economic environment.
CEO John O’Neill implied government restrictions negate the opportunity for game changing investment in Queensland, meaning Echo’s properties can’t perform better than the markets they operate in. Shares in Echo Entertainment Group are trading down2.37 per cent at $3.70.
Best and worst performersThe best performing sector is Real Estate investment trusts gaining 16 points to 979. Shares in Westfield Retail Trust
(ASX:WRT) have risen 2.95 per cent and trading at $3.14. Shares in DEXUS Property Group
(ASX:DXS) and Stockland
(ASX:SGP) are also stronger at midday.
The worst performing sector is Materials, falling 28 points to 10,212. Shares in St. Barbara Limited
(ASX:SBM) have fallen 12.38 per cent, trading at $1.89. Shares in Alacer Gold Corporation
(ASX:AQG) and OceanaGold Corporation
(ASX:OGC) are also trading lower at noon.
Gold and the dollarGold is trading at $US1,706 an ounce and the Australian dollar is buying $US1.035.
