Midday: ASX dips despite Wall Street records

Market Reports

The Australian share market has dipped 0.2 per cent despite the S&P 500 hitting its second straight record closing high on Wall Street overnight. Gold stocks have fallen after the precious metal price fell almost $US14 overnight. Retailers, energy and mining stocks are also in the red while financials are making gains. 
 
Figures
 
The S&P/ASX 200 index is trading 13 points lower at 5,575. On the futures market the SPI is 8 points lower. 
 
Company news
 
Centerbridge Partners has amassed a substantial shareholding in troubled mining services provider Boart Longyear Limited (ASX:BLY). The private investment firm has today revealed it has 12.7 per cent voting power in the company. The announcement comes after Boart Longyear’s stock surged more than 150 per cent this week. Last week the company’s stock lost more than a third of its value amid fears for its debt load. Today shares in Boart Longyear have gained 2.27 per cent to $0.23 at noon. 
 
Australia’s Foreign Investment Review Board has cleared Woolworths Holdings Limited (JSE:WHL) proposed $213 million takeover of Country Road Limited (ASX:CTY). The South African retailer has since declared its offer unconditional and advised the offer will close on August 11. Woolworths already holds an 87.95 per cent stake in the Australian retailer and will proceed to compulsory acquisition once it secured 90 per cent control. Country Road shareholders who have already accepted the offer will be paid on or before August 1. Shares in Country Road are trading steady at $16.80. 
 
Best and worst performers
 
The best performing sector is financials excluding real estate investment trusts, gaining 0.2 per cent to 7,328. Shares in QBE Insurance Group Limited (ASX:QBE) have risen 1.54 per cent and trading at $11.90. Shares in Insurance Australia Group Limited (ASX:IAG) and Lend Lease Group (ASX:LLC)are also stronger. 
 
The worst performing sector is consumer staples, falling almost 1 per cent to 10,004. Shares in Treasury Wine Estates Limited (ASX:TWE) have eased 2.76 per cent, trading at $4.94. Shares in Goodman Fielder Limited (ASX:GFF) and Wesfarmers Limited (ASX:WES) are also lower. 
 
IPOs 
 
OneVue Holdings Limited (ASX:OVH) started trading today. The wholesale service provider to the wealth management industry floated with an issue price of $0.35, opened at $0.33 and is currently trading at $0.32.    
 
Gold and the dollar
 
Gold is trading at $US1,293 an ounce. 
The Australian dollar is buying $US0.942. 

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