The Australian share market slipped at open following concerning leads out of the US, which has condemned alleged chemical weapons use in Syria. Local stocks have trimmed some losses to be flat at noon as earnings continue to flow in, the biggest headline of the morning belonging to Billabong whose full year loss almost tripled its market cap.
The S&P/ASX 200 index is 5 points down at 5,131. On the futures market the SPI is 14 points lower.
AWE Limited (ASX:AWE)
has swung to a full year net profit of $20 million, bouncing back from a net loss of $66.5 million in fiscal 2012.
The oil and gas explorer says it will continue to pursue projects locally, in Indonesia and New Zealand, however remains cautious of commodity price risks in the current financial year. Shares in AWE are trading down 2.78 per cent at $1.31.
Silver Lake Resources Limited (ASX:SLR)
plans to raise $47.5 million through an underwritten placement of 55.9 million fully paid ordinary shares at $0.85 per share. The gold miner will also attempt to raise a further $15 million through a Share Purchase Plan, with funds raised to be directed towards debt facilities and the provision of working capital. Shares in Silver Lake are trading down 6.44 per cent at $0.95.
Best and worst performers
The best performing sector is Healthcare gaining 27 points to 13,875. Shares in ResMed Inc. (CHESS)(ASX:RMD)
have risen 1.48 per cent and trading at $5.49. Shares in Sirtex Medical Limited (ASX:SRX)
and Ramsay Health Care Limited (ASX:RHC)
are also stronger.
The worst performing sector is Energy, falling 95 points to 13,594. Shares in Caltex Australia Limited (ASX:CTX)
have fallen 3.28 per cent, trading at $18.31. Shares in AWE Limited (ASX:AWE)
and Buru Energy Limited (ASX:BRU)
are also lower.
Gold and the dollar
Gold is trading at $US1,398 an ounce and the Australian dollar is buying $US0.8978.