Midday: ASX bolstered by banks as energy slides

Market Reports

The Australian share market defied positive global leads and turned south at open but is trading steady at noon. Financials, retailers and property stocks have risen while energy and mining stocks are in the red. The energy sector has shed 1.7 per cent after the price of crude oil fell under $US80 per barrel for the first time in four years. With no major economic releases companies in the headlines include News Corp (ASX:NWS) and Lend Lease Group (ASX:LLC) who are both holding annual general meetings today. 
 
Figures
 
The S&P/ASX 200 index is trading 0.2 points lower at 5,443 at noon. On the futures market the SPI is 9 points higher. 
 
Company news
 
Communications company NEXTDC Limited (ASX:NXT) has been named the fastest growing technology company in Australia by Deloitte. Deloitte says NEXTDC is a standout winner who have generated more than 3,600 per cent revenue growth over three years. The company's chief told shareholders last year was a pivotal year for NEXTDC when addressing the company's AGM today. NEXTDC has seen a strong start to the new financial year and today upgraded earnings expectations for the remainder of the year. Shares in NEXTDC have risen 0.97 per cent and are trading at $2.09 at noon. 
 
Unilife Corporation (ASX:UNS) has entered into a global strategic alliance agreement with Flextronics (NASDAQ:FLEX). The developer, manufacturer and supplier of injectable drug delivery systems says the deal with further expand its production capacity and scale-up capability of its product portfolio. Unilife has described Flextronics as a leading end-to-end supply chains solution company which has proven manufacturing expertise and established global size. Shares in Unilife Corporation have lifted 2.65 per cent and are trading at $0.58 at noon. 
 
Best and worst performers
 
The best performing sector is consumer discretionary, gaining 0.5 per cent to 1,849. Shares in Myer Holdings Limited (ASX:MYR) have risen 1.82 per cent and trading at $1.82. Shares in Navitas Limited (ASX:NVT) and Aristocrat Leisure Limited (ASX:ALL) are also stronger. 
 
The worst performing sector is energy, dropping 1.7 per cent to 13,001. Shares in Sundance Energy Australia Limited (ASX:SEA) have fallen 12.33 per cent, trading at $0.94. Shares in Whitehaven Coal Limited (ASX:WHC) and Drillsearch Energy Limited (ASX:DLS) are also lower. 
 
Gold and the dollar
 
Gold is buying $US1,160 an ounce. 
The Australian dollar is buying $US0.8695.

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