Mixed earnings see morning dip in the market: ASX tracking 0.4% higher at noon

The Australian share market opened lower following mixed leads from Wall Street and is now tracking 0.4 per cent higher at noon. Shares in pharmaceutical company Mayne Pharma (ASX:MYX) shot up ten per cent this morning after reporting today showing a full-year net loss of $280 million. Property group the Goodman Group (ASX:GMG) shares rose today after reporting their operating profit is up 11.4 per cent. Bravura Solutions (ASX:BVS) shares declined despite announcing their NPAT increased 21 per cent from last year. And shares in Lynas (ASX:LYC) are down after Wesfarmers (ASX:WES) decided not to move forward with their takeover bid. The Real Estate Investment Trust sector is leading the way and the Consumer Staples sector trailing behind.

The S&P/ASX 200 index is 25 points up at 6,527. On the futures market the SPI is 0.4 per cent higher.

Company news

Whitehaven Coal (ASX:WHC) has entered into a binding agreement to acquire EDF Trading Australia, which owns a 7.5 per cent interest in the Whitehaven-operated Narrabri Mine. Following completion, Whitehaven will own 77.5 per cent of the mine, subject to other joint venture partners in the mine not exercising their pre-emptive rights. The total consideration for the acquisition is US$72 million, with US$17 million payable on completion and the remaining US$55 million payable over five years. Shares in Whitehaven Coal (ASX:WHC) is trading 2.4 per cent lower at $3.31.

Downer EDI (ASX:DOW) has been selected as the preferred contractor to deliver CS Energy’s overhaul and capital works program at its power stations in Queensland. Under the five-year contract, Downer will provide services at CS Energy’s Callide and Kogan Creek power stations. Shares in Downer EDI (ASX:DOW) trading 2.7 per cent higher at $7.88.

Best and worst performers

The best-performing sector is Real Estate Investment Trust, adding 2.4 per cent, while the worst performing sector is Consumer Staples, shedding 0.3 per cent.

The best performing stock in the S&P/ASX 200 is Mayne Pharma (ASX:MYX), rising 9.5 per cent to $0.52, followed by shares in SIMS Metals (ASX:SGM) and Bingo Industries (ASX:BIN).

The worst performing stock in the S&P/ASX 200 is Costa Group Holdings (ASX:CGC),dropping 15.3 per cent to $3.21, followed by shares in Bravura Solutions (ASX:BVS) and Pilbara Minerals (ASX:PLS).

Asian markets

Japan’s Nikkei has added 0.3 per cent, Hong Kong’s Hang Seng has gained 0.03 per cent and the Shanghai Composite has added 0.3 per cent.

Commodities and the dollar

Gold is trading at US$1,496 an ounce.
Iron ore price higher 1.9 per cent to US$84.42
Iron ore futures are pointing to a rise of 1.3 per cent.
One Australian dollar is buying 67.59 US cents.

Source: Finance News Network