Following soft leads from Wall Street, the Australian share market opened in negative territory this morning and is tracking 0.8 per cent lower at noon. Today, it’s the financials space that is proving to be the biggest drag on the market with investors selling-off ANZ shares in particular. However the bright spark in the sector is Macquarie Group which has gained over a per cent.
The S&P/ASX 200 index is 45 points lower at 5,222. On the futures market the SPI is down 42 points.
Company news
Transpacific Industries Group Limited
(ASX:TPI) have commenced implementation of a program to simplify its current operating model which is supported by a cost reduction program. The company says the new operating model allows for a clearer focus on empowering staff, reducing management layers and overall complexity across the company. Shares in Transpacific Industries are trading up 3.08 per cent at 67 cents.
Aspen Group
(ASX:APZ) has announced that it has received a non-binding offer from Discovery Group to acquire Aspen Group’s five accommodation assets. The offer price was $62 million, which represents the approximate current carrying value. Aspen says the offer does not represent an appropriate sale price and has therefore rejected the offer. Shares in Aspen Group are flat at $1.40.
Best and worst performers
The best performing sector is Industrials, gaining 0.5 per cent to 4,835. Shares in Asciano have risen 6.61 per cent and trading at $8.06. Shares in Transpacific Industries and Qube Holdings are also stronger.
The worst performing sector is Staples, falling 1.8 per cent to 8,344. Shares in Blackmores have fallen 9.22 per cent, trading at $159.33. Shares in Select Harvests and Metcash are also lower.
IPOs Enice Holding Company Limited
(ASX:ENC) started trading today. The wireless telecommunications technology company floated with an issue price of 40 cents, opened at 40 cents and is currently trading at 38 cents.
Gold and the dollar
Gold is trading at $US1,147 an ounce.
The Australian dollar is buying 71.03 US cents.
