Following weak leads from overseas markets, the Australian share market opened in negative territory and is currently tracking 1.05 per cent lower at noon. Shares have extended yesterday’s losses after Wall Street tumbled at the close on fears a rate hike by the Fed next month was looking more like a certainty. The materials space has been the light in the darkness today, with gold stocks making some gains amidst the market turmoil.
The S&P/ASX 200 index is 54 points lower at 5,066. On the futures market the SPI is down 62 points.
Company news OzForex Group Limited
(ASX:OFX) has announced its half year results for the six months ended 30 September 2015. Turnover surpassed $10 billion, a 34 per cent increase on last year’s figure. Underlying NPAT was up 12 per cent to $12.3 million. Shares in OzForex are trading up 2.01 per cent at $2.79.
NRW Holdings Limited
(ASX:NWA) has resolved the dispute with Samsung on the Roy Hill Rail Project. The key terms of settlement are Samsung is to pay NRW $30 million in full and final settlement and all litigation actions through WA and Singapore Arbitration processes are to be withdrawn. Shares in NRW Holdings are trading up 8 per cent at 14 cents.
Best and worst performers
The best performing sector is Telcos, gaining 0.29 per cent to 1,905. Shares in Telstra have risen 0.57 per cent and trading at $5.25. Shares in Spark NZ and TPG Telecom are weaker.
The worst performing sector is REITS, falling 1.44 per cent to 1,243. Shares in Vicinity Centres have fallen 2.29 per cent, trading at $2.77. Shares in National Storage and Mirvac Group are also lower.
Gold and the dollar
Gold is trading at $US1,091 an ounce.
The Australian dollar is buying 70.45 US cents.
