The Australian share market took a heavy fall at open after Wall Street slumped on concerns over potential military action in Syria, and is 1.1 per cent down at midday despite some positive earnings reports this morning, namely from Woolworths and AGL Energy, which is the markets best performer at this stage. The gold price has extended gains to a fifth consecutive session, trading around a three month high on safe haven buying due to the situation in Syria, however local gold stocks are plunging.
The S&P/ASX 200 index is 59 points down at 5,082. On the futures market the SPI is 55 points lower.
Economic news
The Australian Bureau of Statistics has released its construction work data for the June quarter, revealing a 0.3 per cent fall. Over the year to June, the volume of construction work is down 0.9 per cent. Economists had anticipated total construction work to rise 1 per cent in the quarter.
Company news
Abacus Property Group
(ASX:ABP) has posted a steep rise in its full year net profit of $68.3 million, from $24.5 million last year, and says its portfolio is well placed to cope with the current challenging conditions. Managing Director Dr. Frank Wolf says consistent growth in the property investors underlying profit and cashflow from operations illustrates the strength of its diversified business. Shares in Abacus are trading down 0.89 per cent at $2.22.
Sandfire Resources NL
(ASX:SFR) has announced a maiden annual net profit of $88 million, bolstered by a strong financial performance from its DeGrussa Copper Mine in Western Australia. The mineral explorer achieved sales revenue of $507.3 million from metal sales, including more than 62 thousand tonnes of copper and just under 42 thousand ounces of gold. Shares in Sandfire are trading down 2.26 per cent at $6.05.
Best and worst performers The best performing sector is Utilities gaining 38 points to 5,348. Shares in AGL Energy Limited
(ASX:AGK) have risen 3.27 per cent and trading at $14.84. Shares in DUET Group
(ASX:DUE) are higher while Envestra Limited
(ASX:ENV) is flat at noon.
The worst performing sector is Materials, falling 168 points to 9,524. Shares in Sirius Resources N.L.
(ASX:SIR) have fallen 5.63 per cent, trading at $2.85. Shares in Arrium Limited
(ASX:ARI) and Evolution Mining Limited
(ASX:EVN) are also lower.
Gold and the dollar
Gold is trading at $US1,415 an ounce and the Australian dollar is buying $US0.8957.
