Following positive leads the Australian share market opened higher but gains have been capped by disappointing retail sales figures. Weakness in the financial sector is being offset by gains in the mining sector with BHP rising after announcing an asset sale.
Figures
The S&P/ASX 200 index is 7 points up at 5,410. On the futures market the SPI is 6 points higher.
Company news New Zealand dairy manufacturer Fonterra Shareholders' Fund
(ASX:FSF) has sealed a deal with Woolworths Limited
(ASX:WOW), to supply milk to Australian supermarkets. The deal will see Fonterra as the preferred supplier of Woolworths own brand milk in Victoria for the next ten years. Shares in Fonterra are trading flat at $5.80 at noon.
Sydney Airport Holdings Limited
(ASX:SYD) has been ranked as the worst performer among the country’s four biggest airports. Despite booming demand the Australia’s consumer watchdog has reported its levels of service quality are below satisfactory. Sydney Airport has the highest car parking revenue per car park space, where one hour’s parking costs $16 compared to $6 in Perth. Shares in Sydney Airport Holdings are trading 0.48 per cent up at $4.19 at noon.
Best and worst performers The best performing sector is consumer staples gaining 63 points to 9,792. Shares in Goodman Fielder Limited
(ASX:GFF) have risen 5.26 per cent and trading at $0.50. Shares Metcash Limited
(ASX:MTS) and Coca-Cola Amatil Limited
(ASX:CCL) are also stronger.
The worst performing sector is financials, falling 8 points to 7,167. Shares in FlexiGroup Limited
(ASX:FXL) have fallen 2.02 per cent, trading at $3.40. Shares Ozforex Group Limited
(ASX:OFX), IOOF Holdings Limited
(ASX:IFL) are also lower.
Gold and the dollar
Gold is trading at $US1,293 an ounce.
The Australian dollar is buying $US0.9222.
