It’s been a slow start to the trading session for the local share market following on from the Anzac day weekend; the local bourse struggling for direction and tracking only slightly higher with an 0.1 per cent gain at noon. The biggest weight so far is the materials space with losses in the big miners BHP and Rio Tinto, however the gains in the big four banks seem to be doing enough to keep the market’s head above water for the moment.
The S&P/ASX 200 index is 7 points up at 5,243. On the futures market the SPI is 15 points lower.
Company news CIMIC Group Limited
(ASX:CIM) says its 50 per cent owned associate Visionstream, has been awarded a five year Telstra Network Integrity and Facilities Management contract. Visionstream will supply maintenance and building services to more than 40,000 exchange and network assets across Australia. Shares in CIMIC Group are trading 1.4 per cent higher at $35.50.
Navitas Limited
(ASX:NVT) says it has been informed that the Commissioner for Her Majesty’s Revenue and Customs has successfully appealed against one of Navitas’ UK subsidiaries in a case regarding VAT exemption. Navitas’ subsidiary SAE Education has been in dispute with HMRC as to whether the supply of educational courses by SAE is exempt from VAT in the UK. Shares in Navitas are trading up 0.2 per cent at $5.05.
Best and worst performers
The best performing sector is REITs, gaining 0.8 per cent to 1,377. Shares in Scentre Group have risen 1.77 per cent and trading at $4.61. Shares in National Storage and SCA Property Group are also stronger.
The worst performing sector is Energy, falling 1.05 per cent to 8,186. Shares in Origin Energy have fallen 3.34 per cent, trading at $5.21. Shares in Whitehaven Coal and Santos are also lower.
IPOs Abundant Produce Limited
(ASX:ABT) started trading today. The company which specialises in the production and sale of vegetable seeds floated with an issue price of $0.20, opened at $0.45 and is currently trading at $0.50.
Gold and the dollar
Finally, to gold and the dollar: Gold is trading at $US1,239 an ounce.
The Australian dollar is buying $US0.7717.
