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The S&P 500 hit an intraday record on Wall Street overnight and while the local bourse opened in positive territory it is only 0.1 per cent up at noon.

 

In earnings reports out today we’ve seen Specialty Fashion Group and Senex Energy all book lower profit figures in fiscal 2014. 

 

The S&P/ASX 200 index is 8 points up at 5,643. On the futures market the SPI is 5 points higher. 

 

Economic news

ANZ Banking Group (ASX:ANZ)-Roy Morgan weekly consumer confidence survey has shown an uptick in confidence this week, up 0.9 per cent to 113.5. It’s suggested the improvement is supported by low interest rates and represents a recovery from the initial shock of a higher unemployment rate.

 

Company news

 

AWE Limited (ASX:AWE) has posted a surge in profit in the 2014 financial year pushing net profit from $20 million in the previous year up to $62.5 million. The oil and gas explorer saw profit boosted by the $75.5 million sale of its 50 per cent stake in Northwest Natuna. Managing Director Bruce Clement says the company exceeded full year guidance for production and sales revenue with good progress on major growth and exploration projects. Shares in AWE are trading down 2.53 per cent at $1.74

 

Boart Longyear Limited (ASX:BLY) have trimmed their loss in the first half of 2014, improving the figure by more than 50 per cent to a net loss of $US143 million. The mining services supplier says it is facing material uncertainty and expects sales and utilisation figures to stay at current rates for the remainder of 2014. With a strategic review underway the company is investigating recapitalisation options with Goldman Sachs advising on a range of capital and liquidity structures. Shares in Boart Longyear are trading down 11.54 per cent at $0.17

 

Best and worst performers

The best performing sector is financials excluding real estate investment trusts, gaining 0.5 per cent to 7,354. Shares in Cover-More Group Limited (ASX:CVO) have risen 4.55 per cent and trading at $2.07. Shares in AMP Limited (ASX:AMP) and Genworth Mortgage Insurance Australia Limited (ASX:GMA) are also stronger.

 

The worst performing sector is real estate investment trusts, falling 0.9 per cent to 1,145. Shares in DEXUS Property Group (ASX:DXS) have fallen 2.85 per cent, trading at $1.20. Shares in Scentre Group Limited (ASX:SCG) and Investa Office Fund (ASX:IOF) are also lower.

Gold and the dollar

Gold is trading at $US1,277 an ounce.

The Australian dollar is buying $US0.9293