After yesterday’s strong rally the local share market is struggling for direction today and is tracking 0.44 per cent lower at noon. The big banks and BHP are trading slightly higher, but it’s the healthcare sector that is weighing down the index today, in particular CSL. Dick Smith and Slater and Gordon continue to gain momentum after their shares were smashed earlier in the week.
The S&P/ASX 200 index is 23 points lower at 5,243. On the futures market the SPI is down 16 points.
Company news Santos Limited
(ASX:STO) has once again gone into a trading halt pending the release of an announcement by the company. The shares will remain in a trading halt until the earlier of the commencement of trade on Friday or when the announcement is released to the market. Shares in Santos last traded at $4.06.
Cardno Limited
(ASX:CDD) has announced the successful completion of the institutional component of its fully underwritten 1 for 2.175 pro-rata accelerated non-renounceable entitlement offer. The institutional component of the offer will raise about $50 million and represents the first stage of the $78 million capital raising. Shares in Cardno are trading 35.39 per cent lower at $1.54.
Best and worst performers
The best performing sector is Financials excluding REITs, gaining 0.05 per cent to 7,114. Shares in Magellan Financial have risen 1.14 per cent and trading at $26.69. Shares in Gateway and Commonwealth Bank are also stronger.
The worst performing sector is Industrials, falling 2 per cent to 4,864. Shares in Spotless Group have fallen 36.82 per cent, trading at $1.39. Shares in Cardno and Broadspectrum are also lower.
Gold and the dollar
Gold is trading at $US1,071 an ounce.
The Australian dollar is buying 73.26 US cents.
