The Australian sharemarket edged higher on open but is now firmly back in the red, 0.68 percent per cent down at noon. China is once again in focus with the release of further economic data scheduled shortly after midday. One company in favour today is JB Hi-Fi as shares look set to profit from rival Dick Smith’s demise.
The S&P/ASX 200 index is 36 points down at 5,148. On the futures market the SPI is 35 points lower.
Company news
Tlou Energy Limited
(ASX:TOU) has advised that Mr Gabaake Gabaake is set to take up the role of acting Managing Director and Chief Executive Officer. Mr Gabaake replaces Mr Anthony Gilby who has been forced to take immediate leave due to illness. Shares in Tlou Energy last traded at $0.11.
Algae Tec Limited
(ASX:AEB) has completed the commissioning and initial startup of an algae production plant to produce algae-based nutraceutical products. The facility has an output capacity of up to 50 tonnes of algae per year and is located at the company’s Manufacturing and Development Centre in Atlanta. Shares in Algae Tec are trading up 38.46 per cent at $0.05.
Best and worst performers
The best performing sector is REITs, gaining 0.4 per cent to 1,729. Shares in Scentre Group have risen 0.97 per cent and trading at $4.17. Shares in BWP Trust and Abacus Property are also stronger.
The worst performing sector is Materials, falling 1.9 per cent to 6,762. Shares in Independence Group have fallen 6.02 per cent, trading at $2.34. Shares in Evolution Mining and Fortescue Metals are also lower.
Gold and the dollar
Gold is trading at $US1,078 an ounce.
The Australian dollar is buying $US0.7170
