It looked like we were going to have a stellar session after jumping at the open, but the local bourse has quickly descended into negative territory an hour into trade and is now tracking 0.17 per cent lower at noon. The materials space is leading the charge following another jump in commodity prices overnight, however losses across the big four banks are counteracting these gains. A positive day for the energy space also, with LNG once again recording huge gains of more than 20 per cent.
The S&P/ASX 200 index is 9 points down at 5,361. On the futures market the SPI is 11 points lower.
Company news SurfStitch Limited
(ASX:SRF) has advised the market that its pro-forma EBITDA for FY2016 is likely to be a loss in the range of $17.3 million to $18.3 million. The company says it expects to be cash flow positive and return to profitability during FY 2017. SurfStitch has also announced the appointment of Mike Sonand as the new Group CEO with immediate effect. Shares in SurfStitch are trading down 25.93 per cent at $0.30.
Beach Energy Limited
(ASX:BPT) has announced the appointment of Mr Morne Engelbrecht as Chief Financial Officer, effective at the end of August. Mr Engelbrecht is a Chartered Accountant with experience in the oil, gas and resource sectors across various jurisdictions, including Australia, South Africa and the United Kingdom. Shares in Beach Energy are trading up 2.17 per cent at $0.70.
Best and worst performers
The best performing sector is Materials, gaining 0.6 per cent to 8,268. Shares in Saracen Minerals have risen 7.46 per cent and trading at $1.44. Shares in Independence Group and St Barbara are also stronger.
The worst performing sector is Financials excluding REITs, falling 0.5 per cent to 6,613. Shares in OzForex have fallen 1.64 per cent, trading at $2.10. Shares in Commonwealth Bank and CYBG are also lower.
Gold and the dollar
Gold is trading at $US1,262 an ounce.
The Australian dollar is buying $US0.7481.
