Midday: ASX flat at noon

Market Reports

Despite rallies in global markets the Australian share market softened from yesterday’s five year high at open however has clawed its way back to be flat at noon. The RBA has released its September board meeting minutes, prompting a jump from the Aussie dollar, which climbed roughly a quarter of a cent on a decidedly open approach to the ongoing direction of interest rates. 
 
The S&P/ASX 200 index is 3 points down at 5,246. On the futures market the SPI is 7 points lower. 
 
Economic news
 
The Reserve Bank of Australia says it will continue to examine data over the months ahead to assess whether monetary policy is appropriately configured. According to the central bank, the September hold came on the back of the substantial degree of policy stimulus already in place. Further; Members agreed that the Bank should again neither close off the possibility of reducing rates further nor signal an imminent intention to reduce them.
 
Company news
 
Regis Resources Limited (ASX:RRL) has generated a full year net profit of $145.7 million for the 2013 financial year, despite higher production cash costs. The gold producer says sales revenue lifted by 144 per cent to $416.1 million, a result of higher sales and a higher realised gold price of $1,599 per ounce. Shares in Regis are trading down 6 per cent at $3.76. 
 
Middle eastern carrier Etihad airways has again lifted its stake in Virgin Australia Holdings Limited (ASX:VAH), spending just over $12 million at 44.99 cents per share. Etihad now owns a 14.45 slice of Virgin, on its way to a planned 19.9 per cent holding, which would put it in line with second largest shareholder Singapore Airways. Shares in Virgin are trading flat at $0.45. 
 
Best and worst performers

The best performing sector is Utilities gaining 41 points to 5,389. Shares in DUET Group (ASX:DUE) have risen 2.64 per cent and trading at $2.14. Shares in Energy World Corporation Limited (ASX:EWC) and APA Group (ASX:APA) are also stronger. 
 
The worst performing sector is Materials, falling 76 points to 9,844. Shares in St. Barbara Limited (ASX:SBM) have fallen 6.97 per cent, trading at $0.57. Shares in Sirius Resources N.L.(ASX:SIR) and Resolute Mining Limited (ASX:RSG) also lower. 
 
Gold and the dollar

Gold is trading at $US1,310 an ounce and the Australian dollar is buying $US0.93. 

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