Midday: Aus shares 0.2% higher at noon

Market Reports

Well it’s been a lack-lustre start to the session for the local share market, opening in negative territory then moving slightly higher in the first hour of trade; it is now tracking just 0.2 per cent higher at noon. The materials and financials sectors are proving to be the biggest drag on the market, with losses in the big miners as well as the big four banks. Healthcare is bucking the trend and is tracking higher with gains in Blackmores and Sirtex. 
 
The S&P/ASX 200 index is 12 points higher at 5,131. On the futures market the SPI is up 20 points. 

Company news

Beach Energy Limited (ASX:BPT) have accepted an offer from the National Offshore Petroleum Titles Administrator to covert the Basker, Manta and Gummy gas field permits in the offshore Gippsland basin into retention leases. Beach has also advised Cooper Energy of its intention to withdraw from the BMG joint venture, with effect from the end of the current permit year. Shares in Beach Energy are trading down 1.77 per cent at $0.69. 
 
The IOT Group (ASX:IOT) has announced that its wholly owned subsidiary has entered into a manufacturing agreement with one of the world’s largest drone manufacturers in China. IOT has engaged the company to manufacture their ROAM-e Flying selfie product and accessories. Shares in IOT are trading up 26.32 per cent at $0.024. 
 
Best and worst performers

The best performing sector is Staples, gaining 1.2 per cent to 8,413. Shares in Bellamy’s have risen 5.28 per cent and trading at $10.57. Shares in Blackmores and Select Harvests are also stronger. 
 
The worst performing sector is Materials, falling 0.5 per cent to 7,744. Shares in Fortescue have fallen 4.7 per cent, trading at $3.04. Shares in Sandfire and Sims Metal are also lower. 
 
Gold and the dollar

Gold is trading at $US1,227 an ounce.
The Australian dollar is buying $US0.7708. 
 
 

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