Midday: Mining losses offset energy gains

Market Reports

Negative leads have pushed the Australian share market down 0.5 per cent at noon. Stocks are trading at session lows after Wall Street dropped amid uncertainty surrounding the US Federal Reserve’s next move. Local sectors are mainly trading in the red with the miners weighing and the energy sector one of the few to buck the downward trend. 


The S&P/ASX 200 index has dropped 25.6 points to 5,227. On the futures market the SPI is 34 points lower. 
Company news

Oil and gas explorer and producer Linc Energy Limited (ASX:LNC) says it has achieved an increase in valuation for its Gulf Coast oil assets.
Explorer and developer Cape Lambert Resources Limited (ASX:CFE) and Exchange Minerals have decided to invest $700,000 into mineral explorer Global Strategic Metals NL (ASX:GSZ).
Life sciences technology business Eco Quest Limited (ASX:ECQ) has moved to take full ownership of stem cell company Cynata and proposed to change its name to Cynata Therapeutics. 
Retail property manager Run Corp Limited (ASX:RNC) says it is expanding into South Australia next month, widening its footprint from Victoria, New South Wales and Queensland. 
Best and worst performers

The best performing sector is energy gaining 17 points to 14,030. Shares in Linc Energy Limited (ASX:LNC) have lifted 3.79 per cent and trading at $1.44. Shares in Karoon Gas Australia Limited (ASX:KAR) and Beach Energy Limited (ASX:BPT) are also stronger. 
The worst performing sector is materials, falling 80 points to 9,736. Shares in CuDeco Limited (ASX:CDU) have fallen 4.98 per cent, trading at $2.10. Shares in OceanaGold Corporation (ASX:OGC) and Sirius Resources N.L (ASX:SIR) are also lower. 
Gold and the dollar

Gold is trading at $US1,327 an ounce.
The Australian dollar is buying 94.06 US cents.

Subscribe to our Daily Newsletter?

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