Following weak leads, the Australian share market opened lower and traded below yesterday’s close, it’s 0.35 per cent down at noon.
The utilities sector held the market higher with shares in Envestra have surging on the news of a takeover bid from a Hong Kong conglomerate.
The Reserve Bank has forecast stable GDP growth for the next 12 months and there were scarce indications that interest rates would lift in the near future.
The S&P/ASX 200 index is 16 points down at 5,461. On the futures market the SPI is points lower.
Economic news
The Reserve bank has handed down its Statement of Monetary Policy for the quarter with inflation forecast at 2.75 per cent in mid 2014 and GDP growth is expected at 3 per cent in the middle of the year, dropping to 2.75 by the end of the year.
Company news
Shares in Prima BioMed Limited
(ASX:PRR) have sky-rocketed more than 30 per cent on news its CVac program has been granted fast track designation by the US FDA.
The biotech company’s program aims to improve survival rates for those in remission from ovarian cancer. Shares in Prima BioMed are trading at $0.05.
Orbis Gold Limited
(ASX:OBS) has found new gold structures in the Tankoro prospect area.
The gold miner has high hopes for the prospect in Burkino Faso with the potential for a large-scale gold system. Shares in Orbis Gold are trading flat at $0.27.
Best and worst performers The best performing sector is utilities gaining 41 points to 5,885. Shares in Envestra Limited
(ASX:ENV) have risen 17.7 per cent and trading at $1.33. Shares in APA Group
(ASX:APA) and Spark Infrastructure Group
(ASX:SKI) are also stronger.
The worst performing sector is consumer discretionary, falling 11 points to 1,807. Shares in Ten Network Holdings Limited
(ASX:TEN) have fallen 3.64 per cent, trading at $0.27. Shares in Ainsworth Game Technology Limited
(ASX:AGI) and Super Retail Group Limited
(ASX:SUL) are also lower.
IPO Victor Group Holdings Limited
(ASX:VIG) started trading today. The marketing management company floated with an issue price of $0.20, opened at $0.22 and is currently trading at $0.22.
Gold and the dollar
Gold is trading at $US1,291 an ounce.
The Australian dollar is buying $US0.9362
