The Australian share market defied a negative lead from Wall Street, opened higher and is 0.2 per cent up at noon. Local stocks have pared some gains ahead of the Reserve Bank of Australia’s monthly cash rate decision amid expectations rates will remain on hold. All major sectors are still stronger while the mining sector is dragging.
The S&P/ASX 200 index has risen 10 points and is sitting at 4,976. On the futures market the SPI is 14 points higher.
Economic news
Australia's manufacturing activity weakened again last month. Australian Industry Group’s Performance of Manufacturing Index fell 1.2 points to 44.4 points in March, remaining below 50 which indicates contraction.
Company news Shares in Dart Energy Limited
(ASX:DTE) have shed a third of their value after cutting costs, revealing a company restructure and cancelling an international listing.
The gas exploration company says it has made the moves in response to market conditions and recent government decisions in Australia relating to coal seam gas. Looking ahead Dart Energy expects to focus on maximising value from its UK portfolio. Shares in Dart Energy have plunged 33.33 per cent and are trading at $0.07.
Kathmandu Holdings Limited
(ASX:KMD) says its CEO Peter Halkett will be forced to take extended leave for up to three months.
The adventure clothing retailer’s chief has been granted the leave to fully recuperate following an infection suffered after a routine medical procedure last week. Finance Director Mark Todd will continue as acting CEO until Mr Halkett returns. Shares in Kathmandu Holdings are trading steady at $2.05.
Best and worst performers The best performing sector is real estate investment trusts gaining 16 points to 1,029. Shares in Goodman Group
(ASX:GMG) have risen 2.41 per cent and trading at $4.90. Shares in DEXUS Property Group
(ASX:DXS) and Westfield Group
(ASX:WDC) are also stronger.
The worst performing sector is materials, falling 31 points to 9,579. Shares in Lynas Corporation Limited
(ASX:LYC) have fallen 5.8 per cent, trading at $0.53. Shares in Arrium Limited
(ASX:ARI) are lower while shares in Newcrest Mining Limited
(ASX:NCM) are slightly higher.
Gold and the dollar
Gold is trading at $US1,602 an ounce.
The Australian dollar is buying $US1.044.
