Following weak leads from US markets on the back of further rate hikes fears, Australian investors are also exercising caution, resulting in the local share market tracking just 0.3 per cent higher at noon. The materials and energy sectors have made a recovery today, with gains in the big miners BHP and Rio Tinto, as well as Senex Energy and Santos. Most of the big four banks are also higher apart from NAB which is the only one bucking the trend, shedding around 0.5 per cent.
The S&P/ASX 200 index is 16 points higher at 5,339. On the futures market the SPI is down 1 point.
Company news CuDeco Limited
(ASX:CDU) has announced the appointment of Dr Dianmin Cheng as the company’s Managing Director. Dr Cheng will take up the role immediately, replacing interim Managing Director Mr Peter Hutchison, who will remain on the board in a non-executive capacity. The company says Dr Cheng brings extensive experience in mine management, including bringing Norton Goldfields to profitable production in Western Australia. Share in CuDeco Limited are trading up 4.67 per cent at $0.56.
Centuria Capital Limited
(ASX:CNI) has acquired a 12.6 per cent interest in GPT Metro Office Fund. Centuria Property Funds, in its capacity as responsible entity to Centuria Metropolitan REIT has also acquired a 2.6 per cent interest in GPT Metro Office Fund. GPT has a portfolio of assets totalling approximately $439.3 million. Shares in Centuria Capital are trading up 2.8 per cent at $1.10.
Best and worst performers
The best performing sector is Energy, gaining 0.4 per cent to 8,149. Shares in Beach Energy have risen 3.01 per cent and trading at $0.69. Shares in Worley Parsons and Oil Search are also stronger.
The worst performing sector is Property, falling 0.1 per cent to 1,429. Shares in Vicinity Centres have fallen 1.51 per cent, trading at $3.26. Shares in Scentre Group and Westfield are also lower.
Gold and the dollar
Gold is trading at $US1,256 an ounce.
The Australian dollar is buying $US0.7234.
