It’s been a rather dismal session thus far for the local share market, plummeting at the open and continuing to track sideways in the red or 0.75 per cent lower at noon. However, we saw a slight uptick at around 11.30am where better than expected GDP figures were released by the ABS showing GDP growth of 1.1 per cent over the March quarter.
Investors have been quick to sell off the big miners, as well as the big four banks, with BHP shedding more than 3 per cent so far this session. There is also a sea of red across the energy and telcos sectors with Santos and Oil Search both retreating around 2.5 per cent.
The S&P/ASX 200 index is 41 points lower at 5,338. On the futures market the SPI is down 40 points.
Company news 3P Learning Limited
(ASX:3PL) expects group underlying EBITDA for the year ended 30 June 2016 to come in at $11.5 million to $12.5 million. The company says earnings have been impacted by lower than anticipated sales growth, with total revenue expected to be in the range of $48 million to $49 million. Shares in 3P Learning are trading down 27.55 per cent at $0.78.
Phosphagenics Limited
(ASX:POH) has announced the initiation of the first site in its study assessing the efficacy of a TPM formulation in dairy cattle. The study will assess the potential for TPM to enhance milk quality and conception rates in dairy cattle. Shares in Phosphagenics are trading down 2.78 per cent at $0.02.
Best and worst perfomers
The best performing sector is Healthcare, gaining 0.55 per cent to 21,994. Shares in Fisher and Paykel Health have risen 2.13 per cent and trading at $10.07. Shares in CSL and Cohclear are also stronger.
The worst performing sector is Materials, falling 1.22 per cent to 7,910. Shares in CSR have fallen 5.01 per cent, trading at $3.41. Shares in South32 and BHP are also lower.
Gold and the dollar
Gold is trading at $US1,219 an ounce.
The Australian dollar is buying $US0.7291.
