It has been a disappointing start to the session for the local share market, following a public holiday for US markets. The local bourse dropped sharply into the red at the open, but has since managed to recoup some of those losses; tracking 0.32% lower at noon. Once again it’s the financials and materials sectors that are proving to be the biggest drag on the market, with losses across the big 4 banks as well as the big miners BHP and Rio Tinto. Gold and lithium stocks are bucking the trend today with gains in the likes of Newcrest and Orocobre.
The S&P/ASX 200 index is 17 points lower at 5,391. On the futures market the SPI is 14 points lower.
Company news National Australia Bank
(ASX:NAB) has announced an offer of NAB Capital Notes 2, which are expected to be quoted on the ASX. Each note will have an issue price of $100 and an expected margin in the range of 4.95 per cent to 5.1 per cent per annum over the 90 day bank bill rate. The offer is expected to raise approximately $750 million. Shares in NAB are trading down 0.77 per cent at $27.04.
HUB24 Limited
(ASX:HUB) says it has reached $3 billion in funds under administration, representing 84 per cent growth in the past 12 months. In addition to this, the superannuation and investment platform provider says it is providing reporting services for $190 million of non-custody assets which commenced in May. Shares in HUB24 are trading down 2.33 per cent at $3.78.
Best and worst performers
The best performing sector is Consumer Discretionaries, gaining 0.06 per cent to 2,067. Shares in G8 Education have risen 1.49 per cent and trading at $4.09. Shares in Burson Group and Sky Network are also stronger.
The worst performing sector is Energy, falling 1.24 per cent to 8,269. Shares in Oil Search have fallen 1.89 per cent, trading at $6.75. Shares in Woodside and Origin Energy are also lower.
Gold and the dollar
Gold is trading at $US1,213 an ounce.
The Australian dollar is buying $US0.7224.
