Yesterday was touted as Black Monday on Wall Street and while the losses did see the local bourse open lower the red soon disappeared as bargain hunters jumped in and the ASX was up 1.27 per cent towards midday.
Chinese markets have also just opened and the selling continued with the Shanghai Composite index giving up more than 6 per cent already.
Locally the banks led the buying this morning, while energy stocks were left to head lower on the back of further falls in the price of oil.
Results were a mixed bag this morning with Spotless charging ahead while Senex slumped on growing losses.
The S&P/ASX 200 index is 41 points up at 5,042. On the futures market the SPI is 48 points higher.
Company news
A turn to full year profit from Spotless Group Holdings Limited
(ASX:SPO) has seen a surge in its share price today. The hospitality services company posted a pro forma net profit of $142.8 million, a rise of 34 per cent, on the back of growing tender opportunities and an unrelenting focus on costs. Shares in Spotless are trading up 7.16 per cent at $1.87
Specialty Fashion Group Limited
(ASX:SFH) is in the red this morning as it shows a full year loss of $4.5 million on the back of major losses from Rivers. The fashion conglomerate says conditions are challenging with earnings (EBITDA) dropping to $20.3 million. Shares in SFH are trading down 4.35 per cent at $0.55
Best and worst performers The best performing sector is financials excluding REITs, gaining 1.95 per cent to 6,690. Shares in Macquarie Group Limited
(ASX:MQG) have risen 3.17 per cent and trading at $72.56. Shares in Platinum Asset Management Limited
(ASX:PTM) and Westpac Bank
(ASX:WBC) are also stronger.
The worst performing sector is telco services, falling 1.97 per cent to 2,045. Shares in M2 Group Limited
(ASX:MTU) have fallen 3.25 per cent, trading at $9.24. Shares in Telstra Limited
(ASX:TLS) and TPG Telecom Limited
(ASX:TPM) are also lower.
Gold and the dollar
Gold is trading at $US1,156 an ounce.
The Australian dollar has continued lower, buying $US0.7192
