The Australian share market climbed to session highs, nearing the 5,400-level this morning but has since lost some steam. Local stocks are trading 0.3 per cent higher at noon after following the lead of global markets.
Energy stocks are leading the pack, felled by strength in Origin Energy Limited
(ASX:ORG). Weakness in health stocks has dragged the sector lower, weighed down by ResMed Inc
(ASX:RMD) after its quarterly profit result disappointed.
Figures
The S&P/ASX 200 index has risen 13.5 points to 5,386. On the futures market the SPI is 4 points higher.
Company news
Shares in AMP Limited
(ASX:AMP) have fallen 4.66 per cent after the wealth manager warned it expects to take an $89 million hit on its annual earnings and vowed to prioritise fixing its troubled wealth-protection business.
Shares in Asciano Limited
(ASX:AIO) have dropped 3.46 per cent after the ports and rail operator flagged slower growth and reported its rail network has been extensively damaged by New South Wales’ recent bushfires, impacting its ability to haul coal.
Shares in Devine Limited
(ASX:DVN) have plunged 24.62 per cent after the property developer said it expects to book an underlying loss of $15 million in the first half of fiscal 2014 and write down the value of some of its development assets.
Dual listed infrastructure investor Infratil Limited
(ASX:IFZ) has revealed plans to invest $100 million in Australian public-private partnerships. The company has also today committed more than $130 million for a 19.9 per cent interest in retirement village operator Metlifecare.
Best and worst performers
The best performing sector is energy gaining 187 points to 14,045. Shares in Origin Energy Limited
(ASX:ORG) have risen 3.12 per cent and trading at $4.86. Shares in Whitehaven Coal Limited
(ASX:WHC) and Caltex Australia Limited
(ASX:CTX) are also stronger.
The worst performing sector is health care, pulling back 81 points to 13,886. Shares in ResMed Inc.
(ASX:RMD) have fallen 6.78 per cent, trading at $5.50. Shares in Mesoblast Limited
(ASX:MSB) and Sirtex Medical Limited
(ASX:SRX) are also lower.
Gold and the dollar
Gold is trading at $US1,346 an ounce.
The Australian dollar is buying 95.95 cents.
