It’s been a disappointing start to the session for the local share market, following on from weak leads from Wall Street. The local bourse plunged at the open, but has managed to recoup some of those losses but is still tracking 0.36 per cent lower at noon. The materials space is leading the losses along with the Telcos; BHP has shed around 2 per cent and Telstra is down about 1 per cent. Not a bad session for the financials space, with all of the big banks making some small gains apart from CBA which is just sitting in the red.
The S&P/ASX 200 index is 19 points lower at 5,254. On the futures market the SPI is 21 points lower.
Company news
CIMIC Group
(ASX:CIM) company, CPB Contractors, has been awarded an alliance contract with the Level Crossing Removal Authority to design and construct the Level Crossing Removal Project from Caufield to Dandenong in Melbourne. The project will generate revenue of around half a billion dollars for CPB Contractors, with construction to commence in mid-2016. Shares in CIMIC Group are trading down 2.5 per cent at $35.07.
Ensurance Limited
(ASX:ENA) says it has launched its own branded House and Contents Insurance Product into the Australian market, insured by Lloyds of London. It is the first of a series of Ensurance-branded insurance products that will be launched domestically and will be available on Ensurance’s multi-insurer online platform. Shares in Ensurance last traded at $0.15.
Best and worst performers
The best performing sector is Financials excluding REITS, gaining 0.2 per cent to 6,627. Shares in OzForex have risen 3.74 per cent and trading at $2.22. Shares in IOOF Holdings and FlexiGroup are also stronger.
The worst performing sector is Utilities, falling 1.6 per cent to 7,004 Shares in APA Group have fallen 3 per cent, trading at $8.58. Shares in Ausnet Services and AGL are also lower.
Gold and the dollar
Gold is trading at $US1,251 an ounce.
The Australian dollar is buying $US0.7765.
