Following soft leads from the US, the Australian share market is trading within a narrow band with miners and bankers seeing the most activity. The ASX 0.06 per cent up at noon.
Economic news from China could influence afternoon trade as the HSBC Manufacturing Index for September came in at 50.2, lower than last week’s flash reading of 50.5 and unchanged from August.
The S&P/ASX 200 index is 1.5 points up at 5,266. On the futures market the SPI is 10 points lower.
Economic news
The ANZ- Roy Morgan weekly index of consumer confidence has reported another rise, this time of 0.7 per cent. This puts the index level with its 3 year average after a strong dip following the federal budget.
Company news
Transurban Group
(ASX:TCL) has made two new appointments to its Executive Committee. The previous CFO of Melbourne Airport, Adam Watson will bring his widespread infrastructure experience with him having also held executive offices with Bluescope Steel and Spotless Group. He will take on the CFO role at Transurban. Michele Huey, previously of Lend Lease will take on the role of Group General Manager, Strategy. Transurban CEO Scott Charlton says “They are both proven executives with strong track records and we welcome their addition to the Transurban team. hares in Transurban are trading 0.13 per cent higher at $7.67.
Recall Holdings Limited
(ASX:REC) has responded to media speculation of a potential takeover by US data storage giant Iron Mountain Incorporated (NYSE:IRM). Market chatter has Iron Mountain in talks with Recall about a deal that could value Recall at up to $US2.5 billion. However in a statement to the ASX this morning Recall denied being in discussion with Iron Mountain or any other buyer saying if there were any material developments in the future the company would inform shareholders. Despite the rebuttal, shares in Recall are trading 8.47 per cent stronger at $5.45.
Best and worst performers
The best performing sector is health, gaining 0.5 per cent to 15,305. Shares in Cochlear have risen 1.92 per cent and are trading at $69.42. Shares in Mesoblast and Sirtex Medical are also stronger.
The worst performing sector is consumer staples, falling 0.7 per cent to 9,554. Shares in Treasury Wine Estates have fallen 5.22 per cent, trading at $4.26. Shares in Coca-Cola Amatil and Asaleo Care are also lower.
Gold and the dollar
Gold is trading at $US1,217 an ounce.
The Australian dollar is buying 87.15 US cents.
