With Cyprus’ debt crisis moderating and global markets rising, the Australian share market returned to positive territory at open however has flattened out at midday, with consumer staples stocks posting losses in early trade.
The S&P/ASX 200 index is 0.3 points down at 4,967. On the futures market the SPI is 1 points higher.
Company news
Washington H. Soul Pattinson and Co. Limited
(ASX:SOL) has reported a heavy fall in its first half net profit, shrinking by 25 per cent to $74.25 million. Weak coal markets and a high Australian dollar weighed heavily on the first half revenues of key investment New Hope Corporation Limited
(ASX:NHC), with Soul’s revenue tumbling 15.8 per cent in the same period. The diversified investment company will pay a fully franked interim dividend of 18 cents per share. Shares in Washington H. Soul Pattinson are trading up 1.22 per cent at $14.05.
OrotonGroup Limited
(ASX:ORL) has increased its half year net profit by 2.4 per cent to $16.4 million despite increased international competition and discounting levels. The leather retailer says its international investment and Asian roll out continues to be a key strategic focus, aiming to increase its Asian portfolio to 9 stores by the first quarter of fiscal 2014, however maintains a cautious earnings outlook for the second half of the current financial year amid a subdued retail environment. Shares in OrotonGroup are trading down 0.40 per cent at $7.56.
Best and worst performers The best performing sector is Energy gaining 44 points to 13,241. Shares in Origin Energy Limited
(ASX:ORG) have risen 1.88 per cent and trading at $13.02. Shares in Horizon Oil Limited
(ASX:HZN) and Woodside Petroleum Limited
(ASX:WPL) are also stronger.
The worst performing sector is Consumer staples, falling 87 points to 9,991. Shares in Wesfarmers Limited
(ASX:WES) have fallen 1.56 per cent, trading at $40.46. Shares in Metcash Limited
(ASX:MTS) and Goodman Fielder Limited
(ASX:GFF) are also lower.
Gold and the dollar
Gold is trading at $US1,604 an ounce and the Australian dollar is buying $US1.037.
