The Australian share market has been broadly unchanged today following comments by Janet Yellen overnight and following the release of China GDP figures, the local market is 0.02 per cent up at noon.
China’s second quarter GDP growth rate came in at 7.5 per cent year-on-year ahead of a forecast of 7.4 per cent for the three months to June. In the first quarter the annualised figure was 7.4 per cent and the local market has remained steady on the news.
The S&P/ASX 200 index is 3 points up at 5,513. On the futures market the SPI is 6 points higher.
Economic news
The Westpac-Melbourne Institute has released its Leading Indexes of Economic Activity for June, suggesting below-trend growth is set to remain in 2014 with momentum also limited into 2015. The index declined 0.73 per cent in the month.
Company news
Macquarie Atlas Roads Limited
(ASX:MQA) is aiming to raise $60 million in its bid to up its stake in Macquarie Autoroutes de France 2 SA.
The toll roads operator hopes to acquire a further 1.4 per cent of the French company through which MQA and Macquarie-managed entities hold their indirect investment in APRR. The company has gone into a trading halt, shares in MQA last traded at $3.36.
Beach Energy Limited
(ASX:BPT) and Cooper Energy Limited
(ASX:COE) have announced that the Shelly-1 oil well has been plugged and abandoned.
Beach Energy holds a 75 per cent share in the well which reached a total depth of almost 2,000 metres but was deemed non-commercial. The rig will be moved to the Elliston-2 well, located east of the Parsons oil field. Shares in Beach Energy are trading down 0.15 per cent on the news, at $1.70
Best and worst performers
Best and worst performers at 11:45am, the best performing sector is real estate investment trusts, gaining 0.5 per cent to 1,108. Shares in Shopping Centres Australasia Property Group Limited
(ASX:SCP) have risen 1.43 per cent and trading at $1.78. Shares in Goodman Group
(ASX:GMG) and CFS Retail Property Trust
(ASX:CFX) are also stronger.
The worst performing sector is utilities, falling 0.4 per cent to 6,001. Shares in Envestra Limited
(ASX:ENV) have fallen 2.76 per cent, trading at $1.32. Shares in APA Group
(ASX:APA) and Spark Infrastructure Group
(ASX:SKI) are also lower.
Gold and the dollar
Gold is trading at $US1,297 an ounce.
The Australian dollar is buying $US0.9361
