Frozen with indecision the Australian share market is trading flat at noon as investors absorb mixed leads. While European markets were buoyed by figures suggesting the end to the euro zone recession Wall Street was weighed down by weak earnings and anaemic inflation data.
Local stocks dipped at open but have now crept onto positive territory, finding support in the mining sector after metals prices rose overnight. Earnings reports are also in the spotlight with AMP Limited
(ASX:AMP) jumping after increasing its interim profit and appointing a new chief and Wesfarmers Limited
(ASX:WES) trading higher after boosting its annual net profit by 6 per cent.
Figures
The S&P/ASX 200 index is sitting 2 points higher at 5,159. On the futures market the SPI is 8 points lower.
Company news Brisbane-based lender Bank of Queensland Limited
(ASX:BOQ) will refund $34.5 million in excess interest charges and fee errors made to about 4 per cent of its customers and be hit with an extra $11.5 million “remediation costs” charge to fix its systems.
Global resins manufacturer Nuplex Industries Limited (ASX:NPX, NZE:NPX) has posted a 31 per cent drop in its annual net profit but forecast earnings to increase in 2014 amid flat conditions in Australia and Europe and modest growth in New Zealand.
Fly-in fly-out air services provider Alliance Aviation Services Limited
(ASX:AQZ) has lifted its full year underlying profit by 13 per cent on the back of more contracts from mining companies and maintained a stable outlook for the year ahead.
Nickel miner Mincor Resources NL
(ASX:MCR) has extended its annual net loss to $22.5 million but spruiked a strong outlook for the year ahead boosted by new growth initiatives in Western Australia.
Best and worst performers
The best performing sector is materials gaining 77 points to 9,915. Shares in Perseus Mining Limited
(ASX:PRU) have risen 10.53 per cent and trading at $0.63. Shares in Silver Lake Resources Limited
(ASX:SLR) and Resolute Mining Limited
(ASX:RSG) are also stronger.
The worst performing sector is health care, falling 241 points to 13,363. Shares in CSL Limited
(ASX:CSL) have fallen 2.68 per cent, trading at $64.03. Shares in Mesoblast Limited
(ASX:MSB) and Primary Health Care Limited
(ASX:PRY) are also lower.
Gold and the dollar
Gold is trading at $US1,342 an ounce.
The Australian dollar is buying $US91.56.
