After an eventful morning with big swings as the market reacts to the UK Brexit count, local stocks are now down 1.21% after being up in early trade. At one point the market shed around 2 per cent at around 11am. All sectors are in negative territory, but the big banks are proving to be the biggest drag on the index, all shedding around 2 per cent. The big miners BHP and Rio Tinto have also taken a hit, both down over 2 per cent.
The S&P/ASX 200 index is 64 points lower at 5,217. On the futures market the SPI is down 80 points.
Company newsMincor Resources NL
(ASX:MCR) has secured the gold rights to its North Kambalda Nickel Operations. The rights were held by St Ives Gold Mining which it inherited from WMC Resources and have lapsed. The rights to gold at its Kambalda Nickel Operations is a significant boost for Mincor which will evaluate the area as part of its gold strategy. Shares in Mincor Resources are trading up 5.26 per cent at $0.30.
Pacfic Brands Limited
(ASX:PBG)shareholders have voted in favour of the proposal from Hanesbrands Inc of the US to acquire all of the shares in Pacific Brands. Shareholders will receive $1.15 per share which includes the special fully franked 9.4c dividend upon completion of the takeover. Shares in Pacific Brands are trading flat at $1.15.
Best and worst performersThe sector with the least losses is Telcos, which is down 0.04 per cent to 1,977. Shares in Telstra are flat at $5.34. Shares in TPG Telecom and Vocus Communications are lower.
The worst performing sector is REITs, falling 1.13 per cent to 1,448. Shares in SCA Property Group have fallen 3.4 per cent, trading at $2.27. Shares in Goodman Group and Mirvac are also lower.
IPOsLithium Power International
(ASX:LIT) started trading today. The lithium exploration company floated with an issue price of $0.20, opened at $0.31 and is currently trading at $0.275.
Gold and the dollarGold is trading at $US1,271 an ounce.
The Australian dollar is buying $US0.7538.
