Following a mixed session on US markets, the Australian share market has struggled for direction this morning, but nevertheless opened in the black and but is now tracking flat at noon. The best performing sector so far is REITs and after a stellar session yesterday the materials space has made a negative turnaround with investors selling off BHP, Rio Tinto and Fortescue. The financials space is proving to be the biggest weight on the index with losses in all of the big four banks.
The S&P/ASX 200 index is 1 point lower at 5,142. On the futures market the SPI is up 3 points.
Company news Ausgold Limited
(ASX:AUC) has announced that drilling of high priority gold targets is scheduled to commence at the Katanning Gold Project next week. A planned reverse circulation program will focus on potential high grade extensions of known gold Mineral Resources at the White Dam, Jinkas, Jackson and Olympia deposits. Shares in Ausgold last traded at $0.05.
Toro Energy Limited
(ASX:TOE) says it has received highly encouraging results from the geological modelling and mine planning studies currently underway at its 100 per cent owned Wiluna Uranium project. Early results have shown that Wiluna can deliver an improved mining grade at significantly lower unit mining costs. Shares in Toro Energy are trading up 1.69 per cent at $0.06.
Best and worst performers
The best performing sector is REITs, gaining 1.1 per cent to 1,329. Shares in Cromwell have risen 0.5 per cent and trading at $1.01. Shares in SCA Property and Charter Hall are also stronger.
The worst performing sector is Financials excluding REITs, falling 0.6 per cent to 6,628. Shares in Medibank Private have fallen 3.19 per cent, trading at $2.73. Shares in Gateway Lifestyle and CYBG are also lower.
Gold and the dollar
Gold is trading at $US1,269 an ounce.
The Australian dollar is buying $US0.7459.
