Midday: Aus shares track flat at noon

Market Reports

by Carolyn Herbert

Following soft leads from Wall Street on Friday, the Australian share market is struggling for direction this session, opening in the red and now tracking flat or 0.09 per cent higher at noon. The materials space is leading the charge today with gains across the board, but this has been offset with losses in the big four banks.

The S&P/ASX 200 index is 5 points up at 5,251. On the futures market the SPI is up 7 points.

Company news

Global Geoscience Limited (ASX:GSC) has announced it has completed its exclusive due diligence investigation on its Rhyolite Ridge Lithium-Boron project in Nevada and notified the owner that it is proceeding with the agreement announced on 3 June 2016. The company says the project has the potential as a long life, low cost source of lithium and boron in the USA. Shares in Global Geoscience are trading up 8 per cent at $0.054.

IOT Group Limited (ASX:IOT) will be placed in a trading halt at the request of the company, pending an announcement relating to a potential capital raising. The drone company expects the announcement to be made before the market opens on Wednesday. Shares in IOT last traded at $0.088.

Best and worst performers

The best performing sector is Materials, gaining 1.9 per cent to 8,347. Shares in Independence Group have risen 10.06 per cent and trading at $3.72. Shares in Northern Star and Regis Resources are also stronger.

The worst performing sector is Telcos, falling 0.6 per cent to 2,042. Shares in Telstra have fallen 0.63 per cent, trading at $5.54. Shares in Vocus Communications and TPG Telecom are also lower.

Gold and the dollar

Gold is trading at $US1,349 an ounce.
The Australian dollar is buying $US0.7487.


Carolyn Herbert

Finance News Network
Carolyn joined FNN in August 2015 as the Head of News and also presented the Market at Midday and the Market Wrap. With more than five years of broadcast journalism experience, Carolyn has worked as a finance anchor on the Sky News Business channel and as an anchor and reporter for ABC News. She is also a qualified corporate lawyer specialising in IPOs, takeovers and mergers and acquisitions.