After what was a horror session on Friday where more than $70 billion was wiped off the Australian share market following Britain’s exit from the EU, the local bourse has had a somewhat muted response today and is doing much better than many had forecast; currently tracking 0.17 per cent higher at noon. We’ve seen a rebound in the materials space with BHP and Rio Tinto gaining more than 2 per cent; also another stellar day for the gold miners on the back of the extreme economic turbulence of late. The financials space is still looking glum with losses in all of the big four banks, particularly NAB which has lost 1.4 per cent.
The S&P/ASX 200 index is 9 points up at 5,122. On the futures market the SPI is down 3 points.
Company newsAlumina Limited
(ASX:AWC) has today released its answer and counterclaim in response to the legal complaint recently filed by Alcoa. Alcoa is seeking to exit AWAC joint venture agreements, which Alumina says have governed its relationship with Alcoa for the past 20 years. Alumina counterclaims that Alcoa’s planned ‘separation’ would be a breach of the joint venture agreements and cannot proceed without Alumina's consent. Shares in Alumina Limited are trading down 3.45 per cent at $1.26.
Sky and Space Global Limited
(ASX:SAS) has signed a letter of intent with Virgin Galactic to be a future launch provider to launch the company’s 200 nano satellites on Virgin’s orbital launch vehicle, LauncherOne. The company says LauncherOne offers it access to space at significant cost savings, while also offering a high degree of flexibility to achieve specific orbital parameters. Shares in Sky and Space Global are trading down 13.04 per cent at $0.02.
Best and worst performersThe best performing sector is Telcos, gaining 1.9 per cent to 2,013. Shares in TPG Telecom have risen 2.72 per cent and trading at $11.71. Shares in Vocus and Telstra are also stronger.
The worst performing sector is Financials excluding REITS, falling 1.11 per cent to 6,168. Shares in Henderson Group have fallen 11.21 per cent, trading at $3.96. Shares in CYBG and QBE are also lower.
Gold and the dollarGold is trading at $US1,330 an ounce.
The Australian dollar is buying $US0.7395.
