Last week’s selloff on Wall Street pushed the Australian share market to open lower on this first trading day of 2016. Australian stocks are 0.54 per cent up at noon as energy stocks help the local bourse into the black at this midway point in the session
The S&P/ASX 200 index is 29 points up at 5,325. On the futures market the SPI is 31 points higher.
Economic news
The Australian Industry Group’s Manufacturing Index slipped to 51.9 in December from 52.5 in November.
Company news
Insurance Australia Group Limited
(ASX:IAG) has kept its protection against major disasters at $7 billion in 2016. The insurer said the catastrophe cover reflects a stable overall aggregate exposure. IAG’s FY15 profit fell 40 percent following a record year of natural disaster claims. Shares in IAG are trading up 0.9 per cent at $5.61.
Corporate Travel Management Limited
(ASX:CTD) has completed the acquisition of US-based Montrose Travel. Managing Director Jamie Pherous said he was looking forward to the company’s continued North America expansion. Shares in Corporate Travel Management are trading up 0.99 per cent at $13.26.
Best and worst performers
The best performing sector is Energy, gaining 3.3 per cent to 8,274. Shares in LNG have risen 10 per cent and trading at $0.88. Shares in Worley Parsons and AWE are also stronger.
The worst performing sector is Financials excluding REITS, falling 0.1 per cent to 7,218. Shares in Westpac have fallen 0.8 per cent, trading at $33.29. Shares in Cover-More and FlexiGroup are also lower.
Gold and the dollar
Gold is trading at $US1,064 an ounce.
The Australian dollar is buying $US0.7287
