Midday: ASX flat at noon

Market Reports

Mixed earnings reports and soft offshore leads saw the Australian share market open relatively flat and it remains flat at noon, with some gains among energy stocks keeping things in positive territory. The gold price is continuing its current good form, seeing its longest weekly rally since March as US economic data supports the potential for ongoing monetary stimulus. 
The S&P/ASX 200 index is 5 points up at 5,041. On the futures market the SPI is 9 points higher. 
Company news 
Fund manager Perpetual Limited (ASX:PPT) says weakness in the local share market is the catalyst for a 2.7 per cent slip in its managed funds in the June quarter. Perpetual says the fall is partly owing to a lower domestic equities market, while a total of $400 million had been taken out of its equities asset class and its cash and fixed income asset class. Shares in Perpetual are trading down 1.53 per cent at $40.47. 
PanAust Limited (ASX:PNA) has maintained its 2013 production guidance of between 62 and 65 thousand tonnes of copper concentrate. The mineral explorer says its expects free cash from operations to rise sharply in the second half following completion of board approved capex. Shares in PanAust are trading up 6 per cent at $2.12. 
Best and worst performers

The best performing sector is Energy gaining 69 points to 13,376. Shares in Aurora Oil & Gas Limited (ASX:AUT) have risen 2.5 per cent and trading at $3.28. Shares in Origin Energy Limited (ASX:ORG) and Santos Limited (ASX:STO) are also stronger. 
The worst performing sector is Real estate investment trusts, falling 4 points to 1,041. Shares in Stockland (ASX:SGP) have fallen 2.70 per cent, trading at $3.61. Shares in Westfield Retail Trust (ASX:WRT) and Westfield Group (ASX:WDC) are also lower. 
Gold and the dollar

Gold is trading at $US1,335 an ounce and the Australian dollar is buying $US0.9255.

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?