It’s been a lack-lustre start to the trading week for the local share market, despite opening in positive territory it has lost all momentum in the first two hours of trade and is now tracking 0.4 per cent lower at noon. The financials space is proving to be the biggest drag on the market so far with all of the big banks in the red; CBA has now fallen below the $71 mark. Gains in the materials space, in particular BHP and Rio Tinto still aren’t enough to push the index into the black.
The S&P/ASX 200 index is 20 points lower at 4,917. On the futures market the SPI is down 15 points.
Company news Stanfield Funds Management Limited
(ASX:SFN) have announced that Swift Networks Group has reached agreement with Foxtel to resell Foxtel’s services in aged care facilities, lifestyle villages and various hospitals. Swift Networks is currently the only third party focussed on these industry verticals to be granted a Master Services Agreement with Foxtel. Shares in Stanfield Funds Management last traded at $0.14.
Connexion Media Limited
(ASX:CXZ) has been placed into a trading halt pending the release of an announcement by the company. Connexion says the announcement relates to a capital raising. Shares in Connexion Media last traded at $0.20.
Best and worst performers
The best performing sector is Energy, gaining 1.6 per cent to 7,565. Shares in Worley Parsons have risen 4.15 per cent and trading at $5.52. Shares in Origin Energy and Beach Energy are also stronger.
The worst performing sector is Staples, falling 1.6 per cent to 8,081. Shares in Select Harvests have fallen 3.23 per cent, trading at $4.16. Shares in Tassal Group and Australian Agriculture are also lower.
Gold and the dollar
Gold is trading at $US1,249 an ounce.
The Australian dollar is buying $US0.7537.
