Despite weak leads from Wall Street, the Australian share market shrugged off concerns and started the day’s trade in positive territory. However the market has lost its momentum mid way through the session and its now trading 0.36 per cent lower at noon. The financials space has fallen into negative territory, and the big miners BHP and Rio which started the day strongly have since reversed their gains.
The S&P/ASX 200 index is 19 points lower to 5,053. On the futures market the SPI is down 21 points.
Company news Resmed Limited
(ASX:RMD) has announced it will report its first quarter of fiscal 2016 results on Thursday, October 22nd in New York after the market closes. The company, which specialises in sleep apnoea products, will also host a webcast to discuss the company’s operations and future outlook. Shares in Resmed are trading up 3.27 per cent at $7.42.
Azure Minerals Limited
(ASX:AZS) says it has a achieved excellent results from rock chip sampling at its Alacran project in Mexico. It says the sampling has further enhanced the potential of the recently announced high grade silver discovery at the project. Shares in Azure Minerals are trading up 23.08 per cent at 3.3 cents.
Best and worst performers
The best performing sector is Staples, gaining 0.6 per cent to 8,298. Shares in Treasury Wine Estates have risen 2.78 per cent and trading at $6.46. Shares in Tassal Group and Coca-Cola Amatil are also stronger.
The worst performing sector is Energy, falling 1.7 per cent to 8,455. Shares in Oil Search have fallen 2.93 per cent, trading at $7.62. Shares in Liquefied Natural Gas and Santos are also lower.
Gold and the dollar
Gold is trading at $US1,151 an ounce.
The Australian dollar is buying 70.04 US cents.
