There was volatility on the local market this morning following gains from Wall Street overnight. The local bourse spiked higher on open before quickly paring the gains. Towards midday the market headed higher once again and we’re 0.1 per cent up.
The reopening of banks in Greece has quelled investors nerves to support global markets overnight and locally the Reserve Bank has released minutes from its July meeting.
The materials sector was a drag this morning as Rio Tinto and BHP both traded lower.
The S&P/ASX 200 index is 7 points up at 5,694. On the futures market the SPI is 2 points lower.
Company news
Aerospace simulation systems company Adacel Technologies Limited
(ASX:ADA) has further upgraded its profit guidance for both 2015 and 2016. The company says profit before tax in the year to June 2015 looks set to be between $5.6 and $5.8 million. Looking forward to 2016 the company says profit is set to grow by 25 per cent on the 2015 result. Shares in Adacel are trading up 18.75 per cent at $0.76
Yellow Brick Road Holdings Limited
(ASX:YBR) says its trebling its marketing spend in a bid to continue its network expansion and product growth. Executive Chairmen Mark Bouris says the intention has always been to take on the major players in the financial services industry, and that acquisitions and rebranding have boosted branch numbers. Shares in YBR are trading up 2.13 per cent at $0.48
Best and worst performers The best performing sector is consumer discretionary, gaining 0.64 per cent to 1,910. Shares in Echo Entertainment Group Limited
(ASX:EGP) have risen 3.10 per cent and trading at $4.99. Shares in Village Roadshow Limited
(ASX:VRL) and Pacific Brands Limited
(ASX:PBG) are also stronger.
The worst performing sector is materials, falling 1.02 per cent to 8,669. Shares in Newcrest Mining Limited
(ASX:NCM) have fallen 3.88 per cent, trading at $11.41. Shares in OZ Minerals Limited
(ASX:OZL) and Sandfire Resources
(ASX:SFR) are also lower.
Gold and the dollar
Gold is trading at $US1,103 an ounce.
The Australian dollar has headed lower, buying $US0.7365
