Weak leads have rippled onto the Australian share market which is trading down at noon. Local stocks have spent the morning in the red after Wall Street was weighed down by earnings reports and corporate outlooks.
With no major economic news due out today company reports are determining direction. Insurance Australia Group Limited
(ASX:IAG) is leading insurance companies lower after cutting its forecast for premium growth.
Gold miners Newcrest Mining Limited
(ASX:NCM) and Kingsgate Consolidated Limited
(ASX:KCN) are defying a downward trend in the gold sub-index and have risen after releasing production reports.
Figures
The S&P/ASX 200 index has fallen 6.8 points to 5,313. On the futures market the SPI is 10 points lower.
Company news
Coal miner Whitehaven Coal Limited
(ASX:WHC) says it has achieved new records in production, railings and sales in the December quarter on the back of strong output from its Narrabri Mine in New South Wales.
Property investor Growthpoint Properties Australia Limited
(ASX:GOZ) property portfolio update has forecast 2014 will be a better year for office market leasing activity than last year.
Healthcare service provider Capitol Health Limited
(ASX:CAJ) has reported another record interim financial result with its unaudited revenue jumping 52 per cent and net profit soaring 109 per cent, driven by benefits from its MDI Group acquisition in May 2013.
Gold producer Northern Star Resources Limited
(ASX:NST) has called its December quarter outstanding and spruiked a strong operational performance over the period. Northern Star has also announced it will pay $75 million to buy a 51 per cent stake in the East Kundana Joint Venture in Western Australia from Barrick Gold Corporation.
Best and worst performers
The best performing sector is health care, gaining 48 points to 14,623. Shares in ResMed Inc.
(ASX:RMD) have risen 1.73 per cent and trading at $5.28. Shares in Primary Health Care Limited
(ASX:PRY) and CSL Limited
(ASX:CSL) are also stronger.
The worst performing sector is consumer staples, falling 24 points to 9,937. Shares in Treasury Wine Estates Limited
(ASX:TWE) have fallen 0.97 per cent, trading at $4.61. Shares in Wesfarmers Limited
(ASX:WES) and Woolworths Limited
(ASX:WOW) are also lower.
Gold and the dollar
Gold is trading at $US1,234 an ounce.
The Australian dollar is buying $US0.8834.
