Despite a positive start to the session the local share market has lost its momentum and is now tracking 0.15 per cent lower at noon. After its worst trading day since 2008 yesterday, BHP is once again feeling the pain and is tracking around 1.2 per cent lower. However the big banks are the biggest drag on the index so far, all four are in the red with CBA falling into the $70 handle.
The S&P/ASX 200 index is 7 points lower at 4,868. On the futures market the SPI is down 21 points.
Company news Blackmores Limited
(ASX:BKL) has reported a 65.5 per cent increase in revenue to $341.4 million in the half year to 31 December 2015. Net profit was up 159.5 per cent to $48.3 million. The company will pay an interim dividend of $2.00 per share. Shares in Blackmores are trading down 1 per cent at $163.33.
SAI Global Limited
(ASX:SAI) has reported a 46.9 per cent increase in net profit to $28.7 million for the half year. EBITDA of $65.2 million was also a 27.6 per cent rise on last year’s figure. The company says the weakening Australian dollar contributed favourably to the results. Shares in SAI Global are trading 1.28 per cent higher at $3.95.
Best and worst performers
The best performing sector is Telcos, adding 1.6 per cent to 1,913. Shares in Telstra have risen 1.55 per cent and trading at $5.24. Shares in TPG and Spark Infrastructure are also stronger.
The worst performing sector is Staples, falling 2.1 per cent to 8,271. Shares in Metcash have fallen 4.03 per cent, trading at $1.67. Shares in Wesfarmers and Woolworths are also lower.
Gold and the dollar
Gold is trading at $US1,227 an ounce.
The Australian dollar is buying $US0.7175.
