The Australian share market has slipped following the release of the government’s Federal Budget last night.
Local stocks have moved lower despite Wall Street hitting new records overnight and a positive European lead.
The financial sector is weighing with Macquarie Group Limited
(ASX:MQG), National Australia Bank
(ASX:NAB) and Westpac Banking Corporation
(ASX:WBC) trading ex-dividend today.
The mining sector is stronger, supported by firming commodity prices.
The S&P/ASX 200 index is 12 points down at 5,486. On the futures market the SPI is 13 points higher.
Company news Shares in Metals X Limited
(ASX:MLX) have risen after inking a $7.7 million deal to buy assets from Reed Resources Limited
(ASX:RDR).
The diversified minerals developer will acquire the assets that make up Reed’s Meekathara Gold Operations in Western Australia. While the deal is subject to approvals, Metals X CEO Peter Cook says the purchase is a major step forward for the company’s plans to bring its Central Murchison Gold Project to fruition. Shares in Metals X are trading 11.36 per cent higher at $0.24.
Shares in Papillon Resources Limited
(ASX:PIR) have firmed after announcing it has started early construction site works at its Fekola Project in south western Mali.
The explorer says it has identified a number of key areas to advance its flagship project to production prior to making a formal financial investment decision. Managing Director and CEO Mark Connelly says the latest developments highlight Papillon’s commitment to moving Fekola to production. Shares in Papillon Resources are trading 1.98 per cent higher at $1.29.
Best and worst performers The best performing sector is real estate investment trusts gaining 7 points to 1,060. Shares in CFS Retail Property Trust
(ASX:CFX) have risen 1.24 per cent and trading at $2.04. Shares in Investa Office Fund
(ASX:IOF) and Australand Property Group
(ASX:ALZ) are also stronger.
The worst performing sector is utilities, falling 55 points to 5,888. Shares in AGL Energy Limited
(ASX:AGK) have fallen 1.49 per cent, trading at $15.84. Shares in DUET Group
(ASX:DUE) and APA Group
(ASX:APA) are also lower.
Gold and the dollar
Gold is trading at $US1,294 an ounce.
The Australian dollar is buying $US0.9381.
