Following weak leads from US markets, the Australian share market opened slightly higher but has since lost all momentum and is now tracking 0.76 per cent lower at noon. Investors seem to be anxiously awaiting the RBA’s November rates decision tomorrow and more economic data out of China. The energy space is enjoying some gains, while the financials and materials sectors are mixed.
The S&P/ASX 200 index is 40 points lower at 5,199. On the futures market the SPI is down 61 points.
Freelancer Limited (ASX:FLN)
has announced the final close and full completion of the acquisition of Escrow.com. Headquartered in California, Escrow.com is the leading provider of secure online payments and online transaction management for consumers and businesses on the internet. Escrow.com will contribute to Freelancer’s financial results from the start of this month.
Shares in Freelancer are trading 2.14 per cent higher at $1.79.
Adairs Limited (ASX:ADH)
has provided an update on the company’s financial and operating performance for the quarter ended 27 September. Group revenue of $53.1 million was 23 per cent above the previous corresponding period and EBIT of $7.7 million was 41 per cent above PCP. Shares in Adairs are trading up 1.57 per cent at $2.58.
Best and worst performers
The best of a bad bunch is Industrials, losing 0.02 per cent to 4,870. Shares in Cardno have risen 5.23 per cent and trading at $3.22. Shares in Austal and Monadelphous are also stronger.
The worst performing sector is financials excluding REITs, falling 1.3 per cent to 6,827. Shares in Flexigroup have fallen 6.54 per cent, trading at $2.86. Shares in Macquarie Group and Henderson Group are also lower.
Gold and the dollar
Gold is trading at $US1,141 an ounce.
The Australian dollar is buying 71.37 US cents.