After a troubled day yesterday the Australian share market managed a brief gain on open this morning and is cruising steady, in anticipation of the US Federal Reserve’s impending rates announcement.
Locally retail giant Woolworths
(ASX:WOW) has disappointed investors after the release of its third quarter sales results.
The S&P/ASX 200 index is 6 points down at 5,480. On the futures market the SPI is 8 points lower.
Company news
Brambles Limited
(ASX:BXB) has reaffirmed its full-year profit guidance with sales revenue up 6 per cent to $US3,965 million in the nine months to March this year.
The palette based logistics provider has confirmed underlying profit will remain within guidance range of between $US930 million and $US965 million. Shares in Brambles are down 1.88 per cent on the news to $9.37.
XERO
(ASX:XRO) has inked a strategic alliance with the US consumer tax heavyweight H&R Block.
The cloud based accounting firm will become the preferred small business online accounting solution for H&R Block in the US. The alliance will offer Xero increased brand awareness as well an expansion of its sales and marketing reach in the US. Shares in Xero are up 7.37 per cent to $29.56.
Best and worst performers The best performing sector is telco services gaining 19 points to 1,817. Shares in iiNet Limited
(ASX:IIN) have risen 1.86 per cent and trading at $7.13. Shares in Telecom Corporation of New Zealand Limited
(ASX:TEL) and TPG Telecom Limited
(ASX:TPM) are also stronger.
The worst performing sector is consumer staples, falling 149 points to 10,016. Shares in Woolworths Limited
(ASX:WOW) have fallen 2.29 per cent, trading at $37.17. Shares in Wesfarmers Limited
(ASX:WES) and Metcash Limited
(ASX:MTS) are also lower.
Gold and the dollar
Gold is trading at $US1,295 an ounce.
The Australian dollar is buying $US0.9276.
