Another record finish on Wall Street has buoyed the Australian share market 0.2 per cent higher at noon. Local stocks continue to push beyond 5,000 and on track to close the week stronger. Most sectors are trading higher but weakness remains in the mining and industrial sectors.
The S&P/ASX 200 index has firmed 8 points and is sitting at 5,015. On the futures market the SPI is 4 points higher.
Company news Shares in Woodside Petroleum Limited
(ASX:WPL) have lifted after ditching plans to proceed with an onshore plant at its controversial $45 billion Browse liquefied natural gas (LNG) development in Western Australia.
The oil and gas producing giant says the project does not meet its commercial requirements for a positive final investment decision which was due in June 2013. Woodside has however vowed to investigate alternative concepts, including using a floating LNG vessel or scaled down onshore plant. Shares in Woodside Petroleum have gained 3.91 per cent at noon, trading at $36.66. Shares in Calibre Group Limited
(ASX:CGH) have shed half their value after cutting its earnings and profit forecast.
The provider of services to the mining and infrastructure markets says it has been impacted by challenging, volatile and uncertain market conditions. Calibre now expects to deliver a net profit of between $30-$35 million in fiscal 2013, down from almost $47 million reported the year before. Shares in Calibre Group have plunged 50.41 per cent at noon, trading at $0.60. Best and worst performers The best performing sector is real estate investment trusts gaining 17 points to 1,060. Shares in DEXUS Property Group
(ASX:DXS) have risen 2.04 per cent and trading at $1.13. Shares in Mirvac Group
(ASX:MGR) and Stockland
(ASX:SGP) are also stronger.
The worst performing sector is industrials, falling 23 points to 3,843. Shares in
Decmil Group Limited (ASX:DCG) have fallen 10.13 per cent, trading at $2.13. Shares in Bradken Limited (ASX:BKN) and Monadelphous Group Limited (ASX:MND) are also lower.
Gold and the dollar
Gold is trading at $US1,560 an ounce.
The Australian dollar is buying $US1.054.
