Healthcare rallies: Aus shares flat at noon

Market Reports

by Carolyn Herbert

Following lack lustre leads from US markets, the Australian share market opened slightly higher, but is now struggling for direction and tracking flat or 0.04 per cent higher at noon. The healthcare sector is the best performer so far this session with the likes of Resmed gaining around 3.4 per cent after releasing some impressive quarterly results. The energy space is the worst after the price of Brent crude continued on its decline overnight.

The S&P/ASX 200 index is 2 points up at 5,559. On the futures market the SPI is down 2 points.

Economic news

Private sector credit for the June quarter rose 0.1 per cent according to latest figures from the Australian Bureau of Statistics. This was mainly attributed to rises in the prices received for petroleum refining and petroleum fuel manufacturing. Private sector credit rose 1 per cent for the year.

Company news

Origin Energy Limited (ASX:ORG) has confirmed that the commencement of Australia Pacific LNG exports during the year has driven a 57 per cent increase in annual production and a 15 per cent uplift in revenue compared to the previous year. Origin’s share of APLNG production increased by 91.6 petajoules over the 12 month period. Shares in Origin Energy are trading down 2.02 per cent at $5.57.

Infomedia Limited (ASX:IFM) has responded to media speculation that it has been approached by a third party. The company’s shares jumped more than 10 per cent to 66 cents yesterday. Infomedia has told the market that it is not in any discussion with a third party and has dismissed speculation ensuring there is no false market in its shares. Shares in Infomedia are trading up 3.44 per cent at $0.68.

Best and worst performers

The best performing sector is Healthcare, gaining 0.9 per cent to 22,747. Shares in Mayne Pharma have risen 4.59 per cent and trading at $2.05. Shares in Resmed and Sirtex are also stronger.

The worst performing sector is Energy, falling 1 per cent to 8,263. Shares in Beach Energy have fallen 3.85 per cent, trading at $0.56. Shares in Woodside and Origin Energy are also lower.

Gold and the dollar

Gold is trading at $US1,339 an ounce.
The Australian dollar is buying $US0.7528.


Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.