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The Australian share market opened lower following soft global leads and is in the red at noon as local earnings results continue to roll in. Most sectors are lower, led by industrial and telco stocks, while energy stocks have moved higher after the price of oil rose overnight.
Shares in Nine Entertainment Co Holdings Limited (ASX:NEC) have spiked to the best performer after tripling its interim net profit and unveiling a $150 million buyback. Shares in Adelaide Brighton Limited (ASX:ABC) have also jumped after posting a record annual profit.
Figures
The S&P/ASX 200 index has lost 21 points to 5,924 at noon. On the futures market the SPI is 23 points lower.
Earnings results
Shares in Transfield Services Limited (ASX:TSE) have sunk to the benchmark index’s worst performer after reporting its first half result for the 2015 financial year. Net profit climbed 80.4 per cent to $8.3 million but its profit from continuing activities declined 49.4 per cent. No dividend has been declared but the company has confirmed its annual earnings guidance. Shares in Transfield Services have slumped 9.79 per cent and are trading at $1.48.
Shares in Alumina Limited (ASX:AWC) have dropped after swinging to a net loss of $US98.3 million in the 2014 financial year from a profit of $US500,000 the year before. Excluding one-off charges the company would have posted a profit of $US91.1 million. A final dividend of $US0.016 per share has been declared. Shares in Alumina have dropped 4.58 per cent to $1.77 at noon.
Best and worst performers
The best performing sector is energy, gaining 0.3 per cent to 11,563. Shares in Sundance Energy Australia Limited (ASX:SEA) have risen 3.7 per cent and trading at $0.56. Shares in Worleyparsons Limited (ASX:WOR) and Liquefied Natural Gas Limited (ASX:LNG) are also stronger.
The worst performing sector is industrials, falling 1.2 per cent to 4,556. Shares in Transfield Services Limited (ASX:TSE) have fallen 9.79 per cent, trading at $1.48. Shares in Sydney Airport Holdings Limited (ASX:SYD) and ALS Limited (ASX:ALQ) are also lower.
Gold and the dollar
Gold is buying $US1,206 an ounce.
The Australian dollar is buying $US0.7865.
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