The Australian share market has defied a positive Wall Street lead and dipped 0.4 per cent at noon. While US stocks rose on the back of stimulus announcements from global banks local stocks have dropped ahead of the monthly US jobs report due this evening.
The S&P/ASX 200 index has dipped 22 points and is sitting at 4,892. On the futures market the SPI is 20 points lower.
Company news Shares in TPG Telecom Limited
(ASX:TPM) have continued to rise today after yesterday scoring a win in court against Australia’s competition watchdog.
The telecommunications company will now only have to pay a fine of $50,000 for misleading consumers with advertising, down from the original $2 million fine. A Federal Court has ruled the Australian Competition and Consumer Commission will also need to pay 75 per cent of TPG’s $600,000 legal fees. Shares in TPG Telecom have lifted 0.63 per cent and are trading at $3.17.
Mirvac Group
(ASX:MGR) is on the hunt for a new CFO after its finance director Greg Dyer put in his resignation.
The property developer says Mr Dyer will remain in an executive role to help with the transition until September 2013. Mr Dyer replaced Justin Mitchell in August 2012 and has only held the role for eight months. Shares in Mirvac Group have dipped 0.77 per cent and are trading at $1.62.
Best and worst performers The best performing sector is materials gaining 69 points to 9,242. Shares in Silver Lake Resources Limited
(ASX:SLR) have risen 4.91 per cent and trading at $1.71. Shares in PanAust Limited
(ASX:PNA) and Mount Gibson Iron Limited
(ASX:MGX) are also stronger.
The worst performing sector is health care, falling 171 points to 12,319. Shares in Sonic Healthcare Limited
(ASX:SHL) have fallen 3.76 per cent, trading at $13.31. Shares in Primary Health Care Limited
(ASX:PRY) and CSL Limited
(ASX:CSL) are also lower.
Gold and the dollar
Gold is trading at $US1,552 an ounce.
The Australian dollar is buying $US1.042.
