The Australian share market took a strong lead from a record finish on the S&P500 to open in positive territory and is trading 0.4 per cent higher at midday. Gold stocks are again looking healthy as the precious metal trades near its highest point in a month. Health care is currently the best performer among the major sectors.
The S&P/ASX 200 index is 23 points up at 5,025. On the futures market the SPI is 24 points higher.
Company news
Fortescue Metals Group Limited
(ASX:FMG) has maintained its full year production and shipping guidance after seeing significant increases in the June quarter. In the three months to June 30, Fortescue lifted its shipments by 24 per cent to 25 million tonnes and mined 34.3 million tonnes of ore, a 35 per cent increase on the previous quarter. The iron ore giant reported a 41 per cent jump in iron ore shipments in fiscal 2013, shipping just under 81 million tonnes, and expects to ship between 127 and 133 million tonnes in the current financial year. Shares in Fortescue are trading up 0.68 per cent at $3.71.
Funtastic Limited
(ASX:FUN) has lowered its earnings guidance for the current financial year in anticipation of tough Australian conditions, although it expects solid growth from its international operations. The toy distributor anticipates full year earnings of between $20 and $21 million, lowered from its previous range of $23 and $25 million. Shares in Funtastic are trading down 5.56 per cent at $0.17.
Best and worst performers The best performing sector Healthcare, gaining 129 points to 13,655. Shares in Primary Health Care Limited
(ASX:PRY) have risen 2.85 per cent and trading at $5.06. Shares in Ansell Limited
(ASX:ANN) and CSL Limited
(ASX:CSL) are also stronger.
The worst performing sector is Energy, falling 24 points to 13,635. Shares in Linc Energy Limited
(ASX:LNC) have fallen 1.8 per cent, trading at $1.91. Shares in Oil Search Limited
(ASX:OSH) and Woodside Petroleum Limited
(ASX:WPL)are also lower.
Gold and the dollar
Gold hit a one month high of $US1338.91 overnight and is currently trading at $US1,334 an ounce, while the Australian dollar is buying $US0.9269.
