After a strong finish to the session yesterday, the local share market has dropped back into negative territory after a sluggish day on Wall Street. BHP is the biggest drag on the index today, with the iron-ore giant’s share price falling to a 7 year low. All of the big four banks have also erased yesterday’s gains and are trading lower.
The S&P/ASX 200 index is 18 points lower at 5,101. On the futures market the SPI is down 22 points.
Comany news Avita Medical Limited
(ASX:AVH) a regenerative medicine company specialising in the treatment of wounds and skin defects announced it received a new Australian patent which extends its ReCell patents to 2033 in Australia. ReCell is used for unresponsive wounds and to repair burns. Shares in Avita Medical last traded at 10 cents.
Syrah Resources Limited
(ASX:SYR) has announced that it has signed a Statement of Sales Intent for an off take agreement with one of the world’s largest refractory producers. The producer intends to purchase up to 15,000 tonnes per annum of natural graphite for its production facilities around the world. Shares in Syrah Resources are trading up 2.79 per cent at $3.32.
Best and worst performers
The best performing sector is Utilities, gaining 0.6 per cent to 6,913. Shares in AusNet have risen 1.67 per cent and trading at $1.52. Shares in Spark Infrastructure and AGL Energy are also stronger.
The worst performing sector is Materials, falling 1.6 per cent to 7,297. Shares in Northern Star have fallen 6.37 per cent, trading at $2.50. Shares in Evolution Mining and Newcrest are also lower.
Gold and the dollar
Gold is trading at $US1,069 an ounce.
The Australian dollar is buying 71.11 US cents.
