Following soft leads, the Australian share market opened lower as the Russian build up on the Ukrainian border gains momentum. Local positive announcements have helped stem losses and at noon, the market is down 0.13 per cent down.
The S&P/ASX 200 index is 8 points down at 5,330. On the futures market the SPI is 2 points higher.
Company news
Macquarie Group Limited
(ASX:MQG) has upgraded its annual profit guidance on the back of better market conditions for its fixed-income, currencies and commodities unit. (FICC)
FICC division results are now expected to be in line with or slightly better than 2013, significantly better than previous expectations. Full year earnings may be 40 per cent to 45 per cent higher than 2013, with annual profit possibly reaching $1.23 billion. Shares in Macquarie Group are trading up 3.16 per cent at $56.56.
West Australian ship builder Austal Limited
(ASX:ASB) has announced the delivery of another Joint High Speed Vessel to the US Navy. USNS Millinocket is the third of the high-speed, shallow draft vessels delivered. The twin hull ships are intended for rapid intra-theater transport of medium-sized cargo payloads and up to 310 troops. Ten vessels of the class are planned in total.
Earlier this month, Austal announced a $US125 million contract from an unnamed naval customer in the Middle East as well as a contract for two more littoral combat vessels, also for the US Navy. Austal’s order book now sits at a record $3.3 billion. Shares in Austal are trading up 8.85 per cent at $1.04.
The best and worst performers The best performing sector is Materials gaining 41 points to 9,897. Shares in EVOLUTION
(ASX:EVN) have risen 5 per cent and trading at $0.95. Shares in Beadell Resources Limited
(ASX:BDR) and Regis Resources Limited
(ASX:RRL) are also stronger.
The worst performing sector is Energy, falling 76 points to 13,518. Shares in Horizon Oil Limited
(ASX:HZN) have fallen 1.54 per cent, trading at $0.32. Shares in Oil Search Limited
(ASX:OSH) and Karoon Gas Australia Limited
(ASX:KAR) are also lower.
Gold and the dollar
Gold is trading at $US1,333 an ounce.
The Australian dollar is buying $US0.9087.
