Midday: Aus shares dip into red

Market Reports

Weighed down by mixed leads the Australian share market has dipped into the red and is trading 0.2 per cent down. Investors are absorbing better than expected US jobless figures, a $US2 billion trading loss from America’s biggest bank JPMorgan and Greek political developments, ahead of imminent Chinese inflation figures. 

The S&P/ASX 200 index has lost 8 points and is 4,288. On the futures market the SPI is 19 points lower.

Company news

Shares in dual-listed Endeavour Mining Corporation (ASX:EVR) have lifted on news the junior gold producer has discovered new oxide zones at its 90 per cent owned Nzema mine in Ghana. CEO Mark Connelly says the results confirm there is great potential to extend the life of the mine as Endeavour accesses additional sources of oxide mineralisation. Shares in Endeavour are trading 0.94 per cent higher at $2.15.

Takeover target Eureka Energy Limited (ASX:EKA) has announced a maiden contingent resource for the Austin Chalk interval onshore Texas in the US. Eureka says the estimates demonstrate the further upside potential of its acreage. Eureka has also reiterated its recommendation for its shareholders to reject the $107 million takeover bid launched by Aurora Oil & Gas Limited (ASX:AUT) last month. Shares in Eureka Energy are trading 1 per cent at $0.51.

Best and worst performers

The best performing sector is Health Care gaining 87 points to 9,134. Shares in Vision Eye (ASX:VEI) have risen 4.08 per cent and trading at $0.26. Shares in Fisher and Paykel Healthcare Corporation Limited (ASX:FPH) and CSL Limited (ASX:CSL) are also stronger.

The worst performing sector is Telco Services, falling 17 points to 1,233. Shares in Telstra Corporation Limited (ASX:TLS) have fallen 1.37 per cent, trading at $3.59. Shares in BigAir Group Limited (ASX:BGL) and Telecom Corporation of New Zealand (ASX:TEL) are also lower.
Gold and the dollar

Gold is trading at $US1,593 an ounce.
The Australian dollar is buying $US1.008.

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