Following a subdued trading day on Wall Street, the Australian share market has struggled for direction so far this session and is currently tracking 0.45 per cent lower at noon. In the US, investors are anxiously awaiting to see what comes out of the next Federal Reserve Meeting on Tuesday, where interest rates are tipped to be kept on hold. Taking a look at our local share market, the financials space is weighing most heavily on the index with losses in all of the big four banks. It’s also a sea of red across the energy and materials sectors.
The S&P/ASX 200 index is 23 points lower at 5,162. On the futures market the SPI is down 9 points.
Avita Medical Limited (ASX:AVH)
, a regenerative medicine company specialising in the treatment of wounds and skin defects has announced it has enrolled its final patient in a study to evaluate the optimal deployment of ReNovaCell in patients with pigmentation defects. The company says its increasing its research efforts into repigmentation, with skin conditions affecting up to 2 million people in China alone. Shares in Avita Medical are trading down 4.55 per cent at $0.10.
Asciano Limited (ASX:AIO)
has gone into a trading halt pending the release of an announcement by the company. There is speculation the halt relates to the formal $9.05 billion takeover offer for the ports and rail operator by logistics group Qube and Brookfield Infrastructure. Shares in Asciano last traded at $8.87.
Best and worst performers
The best performing sector is Telcos, gaining 1.24 per cent to 1,954. Shares in Spark NZ have risen 1.56 per cent and trading at $3.26. Shares in Telstra and Vocus are also stronger.
The worst performing sector is Energy, falling 1.5 per cent to 7,840. Shares in Beach Energy have fallen 6.25 per cent, trading at $0.71. Shares in Worley Parsons and Whitehaven Coal are also lower.
Gold and the dollar
Gold is trading at $US1,235 an ounce.
The Australian dollar is buying $US0.7517.