The Australian share market opened higher following higher finished on Wall Street however is flat at midday as investors respond to some weaker than anticipated Chinese economic data. Losses among the major miners have pulled the materials sector down at midday.
The S&P/ASX 200 index is 8 points up at 5,131. On the futures market the SPI is 10 points higher.
Company news
European focused gold miner Dragon Mining Limited
(ASX:DRA) has announced further high grade intercepts from its Orivesi Gold Mine in Southern Finland. The results come from a 16 hole diamond core drilling program which has improved Dragon’s confidence in the geological model. Shares in Dragon mining are trading up 8.08 per cent at $0.54.
Property developer Watpac Limited
(ASX:WTP) has entered into a trading halt pending a material project announcement. The company has requested for the halt to be lifted following the announcement, which is expected later today. Shares in Watpac are trading up 2.82 per cent at $0.73.
Best and worst performers The best performing sector is Utilities gaining 45 points to 5,617. Shares in AGL Energy Limited
(ASX:AGK) have risen 1.23 per cent and trading at $16.43. Shares in SP AusNet
(ASX:SPN) and Spark Infrastructure Group
(ASX:SKI) are also stronger.
The worst performing sector is Materials, falling 78 points to 10,359. Shares in Gindalbie Metals Limited
(ASX:GBG) have fallen 4.08 per cent, trading at $0.24. Shares in Bathurst Resources Limited
(ASX:BTU) and Rio Tinto Limited
(ASX:RIO) are also lower.
Gold and the dollar
Gold is trading at $US1,576 an ounce and the Australian dollar is buying $US1.021.
