Following a weak finish on Wall Street the Australian share market has seen a soft start to the session.
The benchmark has stayed on positive territory but remained subdued ahead of the Reserve Bank of Australia’s interest rate call this afternoon. Across the sectors most are trading higher led by the miners but the retailers are still suffering and Woolworths Limited (ASX:WOW) is again down after yesterday’s disappointing sales result.
Figures
The S&P/ASX 200 index is trading 5 points higher at 5,512. On the futures market the SPI is currently flat.
Market movers Shares in Alexium International Group Limited
(ASX:AJX) have jumped after announcing it has expanded its customer portfolio.
The company says it is now engaged with five customers in the transportation upholstery market. Alexium believes these opportunities represent a potential sales volume of $10 million. Shares in Alexium International Group have jumped 10 per cent to $0.7.
Shares in Aditya Birla Minerals Limited
(ASX:ABY) have slumped after announcing significant impairment charges.
The company has flagged charges of between $175 million to $225 million for the six months to the end of September. Aditya Birla expects to release its financial results at the end of this month. Shares in Aditya Birla Minerals have slumped 12.5 per cent to $0.21 at noon.
Best and worst performers
The best performing sector is materials, gaining 0.6 per cent to 9,238. Shares in Evolution Mining Limited (ASX:EVN) have risen 5.19 per cent and trading at $0.56. Shares in Lynas Corporation Limited (ASX:LYC) and Newcrest Mining Limited (ASX:NCM) are also stronger.
The worst performing sector is consumer staples, falling 1.1 per cent to 9,785. Shares in Woolworths Limited
(ASX:WOW) have dropped 2.25 per cent, trading at $33.47. Shares in Asaleo Care Limited
(ASX:AHY) and Graincorp Limited
(ASX:GNC) are also lower.
Gold and the dollar
Gold is buying $US1,165 an ounce.
The Australian dollar is buying $US0.8672.
