Following a flat close on Wall Street, the Australian share market has followed suit and is struggling for direction tracking 0.03 per cent higher at noon. Like yesterday, once again the big four banks are proving to be the biggest drag on the market with losses across the board; NAB sliding the most, down around 2 per cent. The materials space is painting a bit of a mixed picture, with losses in BHP, but Rio Tinto staying flat.
The S&P/ASX 200 index is 1.5 points higher at 5,168. On the futures market the SPI is down 11 points.
JustKapital Litigation Partners Limited (ASX:JKL)
says it will prosecute a class action against listed law firm Slater and Gordon on behalf of shareholders who suffered losses. Amongst other factors, the potential shareholder claims against Slater and Gordon arise from a number of statements and announcements issued by the board of directors in relation to earnings guidance in 2015. Shares in JustKapital are trading up 7.69 per cent at $0.21.
Nick Scali Limited (ASX:NCK)
has advised that CEO Anthony Scali has increased his stake in the company to 27 per cent from 16 per cent after a sell-down. Mr Scali paid $3.80 per share, and the share sale maintains the Scali’s significant interest in the furniture retailer. Shares in Nick Scali are trading up 1.71 per cent at $4.17.
Best and worst performers
The best performing sector is Telcos, adding 1.6 per cent to 1,932. Shares in TPG Telecom have risen 4.64 per cent and trading at $10.83. Shares in Vocus Communications and Telstra are also stronger.
The worst performing sector is REITs, falling 0.5 per cent to 1,336. Shares in SCA Property have fallen 1.75 per cent, trading at $2.24. Shares in Dexus Property and IOOF Holdings are also lower.
Gold and the dollar
Gold is trading at $US1,246 an ounce.
The Australian dollar is buying $US0.7571.