Midday: ASX flat as companies file results

Market Reports

Following negative leads the Australian share market opened in the red and is steady at noon. The sectors are trading mixed as a number of companies continue to file financial reports. 
 
Transfield Services Limited (ASX:TSE) is leading industrials higher after its stock jumped following a turnaround annual profit result. Woolworths Limited (ASX:WOW) is weighing on the consumer staples sector despite posting an annual profit rise and forecasting growth ahead. 
 
Shares in Qantas Airways Limited (ASX:QAN) have continued to lift after yesterday booking a $2.8 billion annual net loss. Shares in Virgin Australia Holdings Limited (ASX:VAH) have also moved higher despite widening its annual loss and revealing it will offload a stake in its frequent flyer program. 
 
Figures
 
The S&P/ASX 200 index has lost 3 points to 5,621 at noon. On the futures market the SPI is 7 points lower. 
 
Company news
 
Harvey Norman Holdings Limited (ASX:HVN) has reported a better than expected annual profit. The retailer’s net profit jumped almost 50 per cent to $211.7 million in the full 2014 financial year. Chairman Gerry Harvey has described the result as solid and says it was pleasing to see improved performance from each of its business segments. A fully franked final dividend of 8 cents per share has been declared. Shares in Harvey Norman Holdings have jumped 5.78 per cent to $3.48. 
 
Kingsgate Consolidated Limited (ASX:KCN) has trimmed its annual net loss for the 2014 financial year. The gold producer reported a net loss of $96.3 million, improving from a loss of more than $325 million the year before. The latest result was impacted by a write down on the company’s Bowdens Silver Project. Kingsgate has also revealed today it has lodged a draft prospectus to potentially list its Thai operating subsidiary on the Stock Exchange of Thailand. Shares in Kingsgate Consolidated have risen 0.55 per cent to $0.92. 
  
Best and worst performers
 
The best performing sector is industrials, gaining 0.6 per cent to 4,246. Shares in Transfield Services Limited (ASX:TSE) have jumped 23.76 per cent and trading at $1.75. Shares in Qantas Airways Limited (ASX:QAN) and McMillan Shakespeare Limited (ASX:MMS) are also stronger. 
 
The worst performing sector is consumer staples, falling 1.8 per cent to 10,095. Shares in Wesfarmers Limited (ASX:WES) have fallen 2.89 per cent, trading at $43.37. Shares in Woolworths Limited (ASX:WOW) and Goodman Fielder Limited (ASX:GFF) are also lower. 
 
Gold and the dollar
 
Gold is trading at $US1,289 an ounce.
The Australian dollar is buying $US0.9357.