Aus shares
The Australian share market has edged up 0.2 per cent after a flat start to the day following negative sentiments in global markets. Utilities are leading the gains at noon.
The S&P/ASX 200 index is 9 points up at 4,389. On the futures market the SPI is 10 points higher.
Economic news
The Westpac Banking Corporation and Melbourne Institute survey of consumer sentiment has risen 5.2 per cent to 104.3 per cent for November, suggesting Australians are feeling more upbeat about the economy. The index has reached its highest level since April last year.
A slightly weaker than expected reading for wage prices in Australia. The wage price index rose 3.7 per cent from the year before according to the Australian Bureau of Statistics. Total hourly rates of pay, excluding bonuses, rose by 0.7 per cent in the September quarter.
Company news
Webjet Limited
(ASX:WEB) has managed to spook investors today, with its shares sliding almost 10 per cent this morning, after it issued a statement to the market warning of “very low growth levels” in the Australian leisure travel market. The online travel company issued its guidance for the financial year and expects its net profit to rise about 10 per cent excluding its new accommodation website project in Dubai. Shares in Webjet are trading down 8.23 per cent at $3.79.
CSR Limited’s
(ASX:CSR) first-half profit has dropped 50 per cent due to a weak housing market, which it says is set to remain challenging. Other key external drivers included global economic conditions and a soft aluminium prices. CSR’s net profit in the six months to September 30 was $17.5 million down from $34.9 million. CSR it expects the group to generate a full year net profit of between $35 to $54 million. Shares in CSR are trading up 6.43 per cent at $1.66.
Best and worst performers The best performing sector is utilities gaining 55 points to 4,921. Shares in SP AusNet
(ASX:SPN) have risen 1.7 per cent and trading at $1.05. Shares in Envestra and Spark Infrastructure Group are also stronger.
The worst performing sector is Energy, falling 99 points to 11,855 Shares in Paladin* have fallen 5.62 per cent, trading at $0.84. Shares in Aurora Oil and Gas and Santos are also lower.
Gold and the dollar
Gold is trading at $US1,725 an ounce and the Australian dollar is buying $US1.044 .
