The Australian share market opened has seen a soft start to the trading week as local investors look for direction ahead of a US Federal Reserve policy meeting and ongoing stimulus call later this week. Local stocks are slightly higher at midday, led by financials, while the energy sector is seeing some losses.
The S&P/ASX 200 index is 3 points up at 5,045. On the futures market the SPI is 5 points lower.
Company news
Whitehaven Coal Limited
(ASX:WHC) reported a jump in its full year coal production as the ongoing ramp up of its Narrabri longwall operation in New South Wales bears fruit. The coal miner says in its June quarter report that total Run of Mine coal production for fiscal 2013 was just over 9 megatonnes, compared 5.3 megatonnes in the previous corresponding period. Shares in Whitehaven are trading down 1.41 per cent at $2.10.
Ruralco Holdings Limited
(ASX:RHL) has announced a 50/50 joint venture with Nasdaq listed global agribusiness CHS. The JV will operate 100 per cent of grain marketing business Agfarm, which has been part of the Ruralco group since 2009. Shares in Ruralco are trading down 3.61 per cent at $3.20.
Best and worst performers The best performing sector is Financials exclusing real estate investment trusts gaining 35 points to 6,548. Shares in Lend Lease Group
(ASX:LLC) have risen 1.6 per cent and trading at $8.91. Shares in Westpac Banking Corp
(ASX:WBC) and Australia and New Zealand Banking Group
(ASX:ANZ) are also stronger.
The worst performing sector is Energy, falling 67 points to 13,279. Shares in Paladin Energy Limited
(ASX:PDN) have fallen 2.9 per cent, trading at $1.01. Shares in Whitehaven Coal Limited
(ASX:WHC) and Origin Energy Limited
(ASX:ORG) are also lower.
Gold and the dollar
Gold has edged back from three weeks of gains this morning, it’s currently trading at $US1,328 an ounce and the Australian dollar is buying US0.9274.
