Following mostly negative leads, the Australian share market has retreated from early highs and is 0.17 per cent lower at noon.
The S&P/ASX 200 index is 13 points down at 5,445. On the futures market the SPI is 17 points lower.
Economic news
The AIG Performance of Services index has dropped for the second month in a row. The index has slipped 0.3 points to 48.6. Any number below 50 indicates a contraction.
Building approvals for March are also out this morning showing a 3.5 per cent contraction in approvals from February, well below forecast estimates of a 1.5 per cent increase. However the numbers are 20 percent up over 12 months.
And monthly inflation figures have also risen from March, up 0.4 per cent for April and 2.8 per cent higher for the previous 12 months.
Company news
We have a couple of movements in the executive ranks today.
APN News and Media Limited (ASX:APN) has announced the appointment of Jane Hastings as Chief Executive Officer of APN New Zealand. The newly created role includes responsibility for the New Zealand arm of APN’s publishing, radio and digital business with a view to enabling greater cross-selling opportunities across the brands. Ms Hastings has a proven track record of growing revenues in her role as CEO of APN’s The Radio Network. She has previously held management positions with Amalgamated Holdings and SkyCity Entertainment Group. APN has also announced that the head of its New Zealand publishing business, Martin Simons will step down from his role as CEO of New Zealand Media and take up a consultancy with the company. Mr Simons has been with APN for over 40 years. Shares in APN News and Media are trading 1.49 per cent higher at $0.68.
Resource sector service provider Sedgman Limited
(ASX:SDM) has appointed Peter Watson as CEO and Managing Director from the 1st of June this year. It’s a step up for Mr Watson who has been Sedgman’s Regional Director most recently and gained the Board’s unanimous approval after an extensive internal and external search process. Mr Watson has been a key player in several recent major contracts across WA and Canada and has previously held senior positions with AMEC and Thiess. Current CEO Nick Jukes retires from Sedgman at the end of June. Shares in Sedgman are trading 1.10 per cent stronger at $0.46.
Best and worst performers
The best performing sector is Materials gaining 70 points higher to 10,074. Shares in Aquila Resources have risen 36.73 per cent to $3.35 after receiving a takeover bid from China’s Baosteel and Aurizon Holdings. Shares in Resolute Mining and Evolution Mining are also stronger.
The worst performing sector is Financials, falling 51 points to 6,070. Shares in Flexigroup have fallen 2.37 per cent, trading at $3.71. Shares in ANZ and Westpac are also lower.
Gold and the dollar
Gold is trading at $US1,306 an ounce.
The Australian dollar is buying 92.60 US cents.
