The Australian share market latched onto upbeat leads out of Wall Street to open the trading week higher and is 0.2 per cent up at noon. The gold price has continued some strong weekend form to touch a three month high of $US1407 in early trade, adding some shine to the performances of local miners Newcrest, Northern Star, Medusa, Evolution and St. Barbara.
The S&P/ASX 200 index is 25 points up at 5,1458. On the futures market the SPI is 20 points higher.
Company news
M2 Telecommunications Group Limited
(ASX:MTU) has lifted its full year net profit by 33 per cent to $44.05 million and says it is well positioned for further growth in fiscal 2014. The telco says it will continue to make investments with long term benefits, after posting a 73 per cent rise in its full year revenue of $681 million. M2 will pay a total fully franked dividend of 20 cents, bolstered by a final payout of 10 cents. Shares in M2 are trading down 2.97 per cent at $6.85.
Billabong International Limited
(ASX:BBG) is reportedly set to ignore calls from the Australian Shareholders Association to delay its $325 million deal with US private equity firm Altamont Partners and consider a rival bid from two rival US funds. According to various media reports, a Billabong spokesperson has said there are no plans to delay the Altamont deal, as it represents the fastest path to certainty for the surfwear retailer and its shareholders. Shares in Billabong are trading up 0.43 per cent at $0.59.
Best and worst performers The best performing sector is Healthcare gaining 82 points to 13,875. Shares in CSL Limited
(ASX:CSL) have risen 1.62 per cent and trading at $67.27. Shares in Mesoblast limited
(ASX:MSB) and Primary Health Care Limited
(ASX:PRY)are also stronger.
The worst performing sector is Industrials, falling 34 points to 3,761. Shares in Boart Longyear Limited
(ASX:BLY) have fallen 7.66 per cent, trading at $0.51. Shares in Brambles Limited
(ASX:BXB) and Qantas Airways Limited
(ASX:QAN) are also lower.
Gold and the dollar
Gold has slipped from that three month high and is trading at $US1,394 an ounce and the Australian dollar is buying $US0.9027.
