Following weak leads from Wall Street the Australian share market opened in negative territory and is currently tracking flat at noon. Despite gains across the materials space, the big four banks are proving to be the biggest drag on the market with Westpac shedding almost 2 per cent. However, the energy space has made a remarkable recovery today with shares in Santos and Oil Search gaining around 4 per cent.
The S&P/ASX 200 index is 1 point lower at 4,924. On the futures market the SPI is down 4 points.
Company news Auckland Airport
(ASX:AIA) has welcomed the announcement by Air New Zealand that it will operate three flights per week to Manila from December 2016. Auckland Airport says the flights will provide a great boost to New Zealand’s tourism industry. Total visitor arrivals to New Zealand from The Philippines have increased by 19 per cent annually over the past 3 years. Shares in Auckland Airport are trading up 0.7 per cent at $5.70.
Best and worst performers
The best performing sector is Energy, gaining 2.5 per cent to 7,351. Shares in Worley Parsons have risen 6.1 per cent and trading at $5.22. Shares in Whitehaven Coal and Oil Search are also stronger.
The worst performing sector is Financials excluding REITs, falling 0.5 per cent to 6,171. Shares in IOOF Holdings have fallen 2.25 per cent, trading at $8.25. Shares in Henderson Group and Westpac are also lower.
Gold and the dollar
Gold is trading at $US1,230 an ounce.
The Australian dollar is buying $US0.7541.
