The Australian share market is relatively flat at noon amid anxious trading ahead of this week’s US Federal Reserve meeting
With the Fed set to make its announcement on Thursday morning AEST, investors have been trying to gauge the timing of an expected winding down of the US central bank's bond-buying program.
While many traders are expecting the Fed to announce tapering in March next year, recent stronger US economic data has led some to believe it could happen as soon as this week.
Figures
The S&P/ASX 200 index is near a point lower at 5,097. On the futures market the SPI is 4 points up.
Company news
Challenger Limited
(ASX:CGF) will buy a provider of self-managed superannuation fund actuarial certificates for $25 million. The investment company says the purchase of Bendzulla Actuarial was a strategic investment in terms of SMSF retiree research, product and service development and distribution. Shares in Challenger lifted 1.23 per cent at midday to trade at $5.77.
AWE Limited
(ASX:AWE) shares are on the rise after the independent oil and gas explorer rejected a non-binding and conditional scrip based takeover proposal from Senex Energy Limited
(ASX:SXY). The board determined the proposal was not in the best interests of AWE shareholders. Shares in AWE are trading up 6.75 per cent at midday to $1.27.
Best and worst performers The best performing sector is utilities gaining 58 points to 5,359. Shares in SP AusNet
(ASX:SPN) have lifted 2.37 per cent and are trading at $1.19. Shares in APA Group
(ASX:APA) and Spark Infrastructure Group
(ASX:SKI) are also stronger.
The worst performing sector is health care, falling 103 points to 13,707. Shares in Ramsay Health Care Limited
(ASX:RHC) have fallen 2.09 per cent and are trading at $40.06. Shares in Cochlear Limited
(ASX:COH) and Sonic Healthcare Limited
(ASX:SHL) are also lower.
Gold and the dollar
Gold is trading at $US1,236 an ounce and the Australian dollar is buying 89.47 US cents.
