Awaiting news on the RBA interest rate decision today there has been little movement on the Australian share market which dipped lower early and recovered somewhat to trade 0.19 per cent lower at noon.
The S&P/ASX 200 index is 10 points down at 5,508. On the futures market the SPI is 15 points lower.
Economic news
The ABS has reported a slight rise of 0.2 per cent in retail sales for April which was a little below expectations. There has been a noticeable slowing of spending growth since murmurs of the Federal Budget cuts began but analysts are putting the soft April figures down to the close proximity of the ANZAC day and Easter public holidays.
Meanwhile the ANZ-Roy Morgan weekly consumer confidence indicator showed its first uptick in 6 weeks with a rise of 2.9% in the last 7 days. ANZ maintains consumer spending will improve in the second half of the year.
Company news
Yowie Group Limited
(ASX:YOW) has had a good result from their participation in the Sweets and Snacks Expo in Chicago. The company says it has had its first order from an 18 store speciality candy retail chain for 68 cases of its product. Yowie says it also received 30 solid enquiries at the Expo including interest from international markets like Turkey and Canada. Yowie has an exclusive licence which allows it to re-introduce a specially developed Kinder Surprise style chocolate in the US. The US bans confectionary products with embedded non-food items as a public health risk. Yowie is working on a product that will meet stringent US requirements.
Shares in Yowie are trading 2.63 per cent stronger at $0.58.
Elemental Minerals Limited (ASX:ELM) have signed a drilling contract with Meridian Drilling Limited to provide three boreholes. The holes will test its Hangingwall Seam at it DouGou Target project in the Republic of the Congo. Elemental Minerals is hoping to develop the project into an extreme low-cost potash producing asset to take advantage of the strategic location of the site. Shares in Elemental are trading 6 per cent lower at $0.24.
Best and worst performers
The best performing sector is materials gaining 20 points to 9,849 . Shares in Lynas Corp have risen 4.84 per cent and trading at $0.16 Shares in Sirius Resources and Oz Minerals are also stronger.
The worst performing sector is health, falling 163 points to 14,659. Shares in Sigma Pharmaceuticals have fallen 3.08 per cent, trading at $0.71. Shares in Mesoblast and Cochlear are also lower.
Gold and the dollar
Gold is trading at $US1,244 an ounce.
The Australian dollar is buying 92.42 US cents.
