Following weak leads from US markets, the Australian share market has a flat open but has since lost all momentum and is tracking 0.27 per cent lower at noon. Investors have sold off the big four banks and Telstra, counteracting a rally in the energy space.
The S&P/ASX 200 index is down 14 points at 5,154. On the futures market the SPI is down 36 points.
Company news Armour Energy Limited
(ASX:AJQ) has released its target statement in response to WestSide Corporation’s conditional takeover offer of 12 cents per Armour share. The target statement recommends Armour shareholders reject WestSide’s offer labelling it inadequate. Shares in Armour Energy are trading up 6.25 per cent at 13 cents.
Avita Medical Limited
(ASX:AVH), a medical device company specialising in the treatment of wounds and skin defects, has announced it has achieved its CE mark authorisation to market in Europe. The approval follows and expands on the previous CE mark approval of ReCell, a medical device used for treating burns. Shares in Avita Medical are trading up 6.38 per cent at 10 cents.
Best and worst performers
The best performing sector is Energy, gaining 3.88 per cent to 8,898. Shares in AWE have risen 18.49 per cent and trading at 86 cents. Shares in Santos and Liquefied Natural Gas are also stronger.
The worst performing sector is Telcos, falling 1.52 per cent to 2,012. Shares in Telstra have fallen 1.67 per cent, trading at $5.61. Shares in M2 Group and Spark NZ are also lower.
Gold and the dollar
Gold is trading at $US1,148 an ounce.
The Australian dollar is buying 71.54US cents.
