Shrugging off global conflict fears, the Australian share market was led higher by the big four banks and is 0.15 per cent up at noon.
The S&P/ASX 200 index is 7 points up at 5,538. On the futures market the SPI is 5 points higher.
Company news
Network services provider Service Stream Limited
(ASX:SSM) has been awarded a five year contract with SA Power Networks. The new contract term will see Service Stream providing meter reading and field services to SAPN until mid-2019. In the past six months, Service Stream has maintained its portfolio of key utility service contracts as some of them came up for renewal, re-signing Western Power for a three year term with options to extend and APA Gas for a further five year deal. Managing Director Leigh Mackender says, “The renewed contracts provide a foundation for recurring revenue of approximately $140 million over their respective terms”.
Shares in Service Stream are trading 2.5 per cent stronger at $0.21.
Yowie Group Limited
(ASX:YOW) have announced large purchase orders from a national fuel and convenience chain in North America. Valero Corner Store has 1,900 locations across North America and Canada. This compares to Coles 741 stores and Woolworths 842 stores in Australia. Yowie will initially roll out in 235 stores in Texas, Colorado and Southern California, starting in August. The Yowie product will be marketed via a 48 count Yowie display unit located in the high foot traffic pathway leading to the cash register. If successful, Yowie anticipates a national roll out across all 1,100 convenience stores in the US. The candy maker has also received orders from a number of other specialist candy distributors, St Louis Zoo and a tourism resort. Yowie say they now have a presence in 20 per cent of US states and they remain focussed on ensuring the delivery of 2014 ambition targets in the US.
Shares in Yowie Group are trading 11.81 per cent higher at $0.71.
Best and worst performers
The best performing sector is industrials, gaining 0.6 per cent to 4,155. Shares in Downer EDI have risen 3.96 per cent and trading at $4.73. Shares in Skilled Group and Transfield Services are also stronger.
The worst performing sector is utilities, falling 0.7 per cent to 5,852. Shares in AGL Energy have fallen 1.87 per cent, trading at $14.67. Shares in Spark Infrastructure and SP Ausnet are also lower.
IPO's
Global Value Fund started trading today. The listed investment company floated with an issue price of $1.00, opened at $1.00 and is currently trading at $0.97.
Gold and the dollar
Gold is trading at $US1,310 an ounce. The Australian dollar is buying 93.89 US cents.
