Following weak leads from Wall Street, the Australian share market opened in negative territory but has managed to claw back some of those losses and is tracking slightly higher, up 0.22 per cent at noon. The financials space is doing most of the work this morning with small gains in all of the big four banks, yet there is no real stand out performer with most sectors mixed.
The S&P/ASX 200 index is 12 points up at 5,237. On the futures market the SPI is 14 points higher.
Company news Covata Limited
(ASX:CVT) has signed a Heads of Agreement with a UK government department charged with protecting British interests. The company says the heads of agreement will accelerate the scale of the of the Company’s expansion into the UK public sector. The name of the government department will be made public once the agreement is finalised. Shares in Covata are trading flat at $0.34.
Rhinomed Limited
(ASX:RNO) says it will begin distributing its Mute brand breathing and respiratory technology through US online shopping channel Jet.com. The Mute technology is developed from an internal nasal stent which delivers an instant feeling of increased airflow. The company says Jet.com enables free membership and shipping and has a growing customer base. Shares in Rhinomed are trading flat $0.021.
Best and worst performers
The best performing sector is Energy, gaining 0.9 per cent to 8,362. Shares in Beach Energy have risen 5.11 per cent and trading at $0.72. Shares in Woodside and Santos are also stronger.
The worst performing sector is Consumer Discretionaries, falling 0.5 per cent to 1,945. Shares in Breville have fallen 2.79 per cent, trading at $8.20. Shares in APN Outdoor and G8 Education are also lower.
Turning to IPOs and Motorcycle Holdings Limited
(ASX:MTO) started trading today. The motorcycle dealership operator floated with an issue price of $2.00, opened at $2.50 and is currently trading at $2.52.
Gold and the dollar
Gold is trading at $US1,276 an ounce.
The Australian dollar is buying $US0.7642.
