Midday: ASX pares early gains

Market Reports

The local market looked set to defy weak leads with a jump into positive territory this morning, but that soon gave way to losses as energy stocks tumbled to leave the local bourse down 0.2 per cent at noon. 
 
A dip in the oil price overnight has put pressure on energy stocks and the banks saw some major selling.
 
The S&P/ASX 200 index is 14 points down at 5,491. On the futures market the SPI is 14 points lower. 
 
Company news
 
Encryption hardware company Senetas Corporation Limited (ASX:SEN) has won its first contract to develop a customised encryptor. The company says it will fit the market’s demand for high speed encryption and generate opportunities for sales in international markets. CEO Andrew Wilson says the deal is recognition of the company’s unique engineering and data security skills. Shares in Senetas are trading up 4.35 per cent at $0.12 
 
Shares in Axiom Mining Limited (ASX:AVQ) are trading lower as the hearing in the Solomon Islands Court of Appeal concludes with the court reserving judgement. The pacific focussed miner says it is awaiting the delivery of the judgement and is continuing to develop the Isabel Nickel Project in the interim. Shares in Axiom are trading down 3.7 per cent at $0.39 
 
Best and worst performers

The best performing sector is health care, gaining 0.7 per cent to 18,432. Shares in Sirtex Medical Limited(ASX:SRX) have risen 2.19 per cent and trading at $28.43. Shares in Japara Healthcare Limited (ASX:JHC) and Virtus Health Limited (ASX:VRT) are also stronger. 
 
The worst performing sector is energy, falling 0.7 per cent to 11,169. Shares in Sundance Energy Australia Limited (ASX:SEA) have fallen 4.63 per cent, trading at $0.52. Shares in Senex Energy Limited (ASX:SXY) and Liquefied Natural Gas Limited (ASX:LNG) are also lower. 

Gold and the dollar

Gold is trading at $US1,178 an ounce.
The Australian dollar is buying $US0.7692

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