The Australian share market is flat at noon, as gains by the big miners and energy sector is offset by a fall in health and retail stocks.

December 12, 2017

The Australian share market is flat at noon AEDT with solid gains by the big miners and energy stocks offset by falls in the retail and health sectors.

The benchmark S&P/ASX200 stock index was up 4.4 points, or 0.07 per cent, at 6,002.7 points at 1200 AEDT, with the mining and energy sectors leading gains after China’s stronger-than-expected exports and a rise in iron ore and oil prices.

Resources giant BHP Billiton was up 1.6 per cent, rival Rio Tinto gained 1.5 per cent and Fortescue Metals added 0.3 per cent.

Energy stocks, fuelled by a rise in oil prices following a North Sea pipeline shutdown, also climbed, with Oil Search leading the pack with a 1.3 per cent gain.

But the health sector lost ground, with hearing implant maker Cochlear down 1.6 cent to $177.78, while blood products maker CSL lost 0.5 per cent to $140.80.

Medibank was also lower, by 0.6 per cent, after online retailer Kogan.com said it had agreed a deal with the private health insurer to offer budget health insurance policies under its own Kogan Health brand.

Kogan shares, meanwhile, lifted 2.65 per cent to $4.835.

Among the financials, ANZ added 0.8 per cent to $28.72 after agreeing to sell its life and consumer credit insurance business OnePath Life to international insurance giant Zurich for $2.85 billion.

National Australia Bank and Commonwealth Bank rose 0.3 and 0.2 per cent, respectively, while Wespac fell 0.2 per cent.

Fairfax Media rose 1.3 per cent after it said it had partnered with Google to boost its digital advertising and publishing technology and drive digital subscriptions.

And, toll road operator Transurban was in a trading halt after announcing a $1.9 billion rights share offer to help fund its part of the West Gate tunnel project in Melbourne.

Westfield Corporation was also in a trading halt ahead of what it said was a “potentially significant corporate transaction”.

Meanwhile, the Australian dollar has lost its early morning gains and is hardly changed against its US counterpart.

The local currency was trading at 75.23 US cents at 1200 AEDT, from 75.25 US cents on Monday.

ON THE ASX:

* At 1200 AEDT, the benchmark S&P/ASX200 was up 4.4 points, or 0.7 per cent, at 6,002.7 points.

* The broader All Ordinaries index was up 2.9 points, or 0.05 per cent, at 6,084.8 points.

* The SPI200 futures contract was up 4 points or 0.07 per cent at 6,008 points.

* National turnover was 1.9 billion securities traded worth $1.9 billion, at 1234 AEDT.

CURRENCY SNAPSHOT AT 1200 AEDT:

One Australian dollar buys:

* 75.23 US cents, from 75.25 US cents on Monday

* 85.40 Japanese yen, from 85.46 yen

* 63.89 euro cents, from 63.89 euro cents

* 56.37 British pence, from 56.17 pence

* 108.82 NZ cents, from 108.98 NZ cents

GOLD:

The spot price of gold in Sydney at 1200 AEDT was $US1,243.40 per fine ounce, from $US1,249.44 per fine ounce on Monday.

BOND SNAPSHOT AT 1200 AEDT:

* CGS 4.50 per cent April 2020, 1.8889pct, from 1.8874pct on Monday

* CGS 4.75pct April 2027, 2.5132pct, from 2.5177pct

Sydney Futures Exchange prices:

* December 2017 10-year bond futures contract at 97.43 (implying a yield of 2.57pct), from 97.4225 (2.5775pct) on Monday

* December 2017 3-year bond futures contract at 98.0 (2.0pct), from 98.005 (1.995pct).

(*Bond market closes taken at 1630 AEDT previous local session; currency closes taken from 1700 AEDT previous local session).