The S&P 500 ended at a record high ahead of the weekend and today the Australian share market has shaken off early wobbles to march 0.25 per cent higher at noon.
The S&P/ASX 200 index is 13 points up at 5,506. On the futures market the SPI is 4 points higher.
Company news
Engineering and services company Logicamms Limited
(ASX:LCM) has been awarded more than $15 million worth of contracts in the past ten days. The deals are with Samsung C&T, Chevron Australia and Oilsearch and were not included in the the company outlook delivered a couple of weeks ago. Logicamms helps operators in the oil and gas industry get the best out of their asset performance and reduce costs. The deals with Oilsearch and Chevon expand on contracts already in place. The contract with Samsung is to provide engineering and procurement services for the Roy Hill iron ore mine in WA.
Shares in Logicamms have jumped 2.69 per cent to $0.96 on the news.
Telecom and untilities service provider Service Stream Limited
(ASX:SSM) has appointed a new managing director. Leigh Mackender, previously the head of the Energy & Water division will take the top job after the resignation of Terry Sinclair. Mr Sinclair relinquished the role after strategic differences with the Board. Service Stream recently renewed a $70 million contract with NBN Co and is well placed financially to take on a period of high growth but also warned that some late orders on major programs would see a lower than expected full year result. The company said it expected earnings in the region of $17 million.
Shares in Service Stream are trading 9.52 per cent lower at $0.19.
Best and worst performers
The best performing sector is energy gaining 83 points to 14,471. Shares in Sundance Energy have risen 3.52 per cent and are trading at $1.03. Shares in Whitehaven Coal and Oil Search are also stronger. The worst performing sector is telco services, falling 13 points to 1,859. Shares in Telstra have softened 0.84 per cent, trading at $5.33. Shares in TPG Telecom and iiNet are also lower.
Gold and the dollar
Gold is trading at $US1,294 an ounce.
The Australian dollar is buying 92.35 US cents.
