Following muted leads, the Australian share market is shedding early gains and is trading 0.13 per cent lower.
The S&P/ASX 200 index is 5 points down at 5,531. On the futures market the SPI is 12 points lower.
Company News
Cash Converters International Limited
(ASX:CCV) has produced strong growth, lifting third quarter revenue by 29 per cent to $85.3 million compared to $65.9 million for the third quarter in 2013. An increase in personal loan income and corporate store revenue were the main drivers behind the improved performance. Online personal loan business in Australia continues to surge with a 151 per cent increase in the value of loans along with a strong gain in the value of online cash advances. Cash Converter’s Australian business has provided most of the boost to revenue with managing director Peter Cumins admitting conditions remain tough in the UK markets. Growth is expected to continue.
Shares in Cash Converters have responded positively to the news trading 3.88 per cent stronger at $1.07.
Beach Energy Limited
(ASX:BPT) says it’s on track to reach full year 2014 guidance of $1 billion in revenue. The company has been enjoying record production from its Cooper Basin project and year-on-year revenue is up 49 percent. However sales in the three months were unable to match the record December 2013 sales quarter thanks to lower prices and slower sales volumes, slipping 19 percent to $231.3 million. Managing Director Reg Nelson also expressed enthusiasm at the potential of a new source of conventional oil from its Tookoonooka Permit on the Eastern side of the Cooper Basin. The company is also continuing discussions to find an exploration partner for its Lake Tananyika venture in Africa.
Shares in Beach Energy jumped nearly 3 per cent to $1.81 earlier but are now trading just 0.43 per cent higher at $1.77.
Best and worst performers
The best performing sector is healthcare gaining 121 points to 14,340. Shares in drug delivery company Acrux have recovered slightly after yesterday’s announcement they could miss a crucial payment from a distributer. The stock is trading 5.43 per cent at $1.17. Shares in ResMed and CSL are also stronger.
The worst performing sector is consumer staples, falling 79 points to 10,237. Shares in Wesfarmers have dipped 1.50 per cent after today’s Q3 figures trading, to $43.23. Shares in Bega Cheese and Woolworths are also lower.
Gold and the dollar
Gold is trading at $US1,296 an ounce.
The Australian dollar is buying 92.40US cents.
