Midday: ASX dips despite consumer confidence lift

Market Reports

Soft leads pushed the Australian share market lower at open and the benchmark has fallen 0.4 per cent at noon. Following a solid week of gains on Wall Street US traders started the new week on the sidelines. Cautious trade comes ahead of this week’s US Federal Reserve meeting on Wednesday. Closer to home most sectors are in the red with gains among financials being offset by losses among energy and mining stocks. 
 
Figures
 
The S&P/ASX 200 index has dipped 21 points to 5,438. On the futures market the SPI is 16 points lower. 
 
Economic news
 
Australian consumer confidence has risen to a 12-week high. According to ANZ Banking Group (ASX:ANZ) and Roy Morgan consumer confidence rose 2.7 per cent to 114.6 over last week, the same week in which the benchmark index posted its biggest weekly gain since February. ANZ Chief Economist Warren Hogan says the lift is encouraging and provides more evidence that the gradual transition towards the non-mining economy is continuing.
 
Company news
 
ANZ Banking Group (ASX:ANZ) has provided clarification of data it accidentally released last Friday. The bank has confirmed it posted an excel template of key financial tables on its site ahead of releasing its annual financial results to the ASX this Friday. ANZ says the information was only partial analytical data and it remains with its continuous disclosure obligations. The data was understood to have shown the bank’s unaudited interim earnings rose 3 per cent in the second half from $3.5 billion delivered in the first half. After entering into a trading halt yesterday shares in ANZ Banking Group have declined 0.03 per cent to $33.34 at noon.
 
Shares in Vocation Limited (ASX:VET) have plunged after revealing it will be forced to surrender $19.6 million of funding from the Victorian Government. The education and training services provider reached the settlement with the Victorian Department of Education following a review. The review was focussed on two of Vocation’s registered training organisations located in Victoria and called BAWM and Aspin. Vocation expects the loss of government funding to impact earnings by about $5 million in the full 2015 financial year. After exiting a trading halt shares in Vocation have plunged 52.84 per cent to $1.08 at noon. 
  
Best and worst performers
 
Most sectors are trading in negative territory: The best performing sector is health care, gaining 0.7 per cent to 15,946. Shares in CSL Limited (ASX:CSL) have risen 1.17 per cent and trading at $77.17. Shares in Greencross Limited (ASX:GXL)  and Sirtex Medical Limited (ASX:SRX) are also stronger. 
 
The worst performing sector is materials, falling 1.4 per cent to 9,096. Shares in Beadell Resources Limited (ASX:BDR) have fallen 13.28 per cent, trading at $0.28. Shares in BC Iron Limited (ASX:BCI) and Evolution Mining (ASX:EVN) are also lower. 
 
Gold and the dollar
 
Gold is buying $US1,225 an ounce. 
The Australian dollar is buying $US0.8807.

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