Following lack lustre leads from US markets, the Australian share market opened sharply lower but has managed to regain some momentum and is now tracking flat or 0.2 per cent higher at noon. The energy space is proving to be the biggest weight on the index so far this session after the price of Brent crude dropped over $2 overnight; this is being offset by gains the big miners BHP and Rio Tinto and the financials space.
The S&P/ASX 200 index is 10 points up at 5,238. On the futures market the SPI is 4 points higher.
Company newsFirst Graphite Limited
(ASX:FGR) says it has made further progress with its strategy to become a bulk scale producer of high quality graphene. The company says following on from extensive bench scale test work undertaken by the University of Adelaide, FGR has constructed a prototype commercial scale production unit for graphene. The unit will be ready for installation by the end of July. The unit is capable of producing 5 tonnes per annum of high quality graphine. Shares in First Graphite are trading up 5.38 per cent at $0.10.
GBM Resources Limited
(ASX:GBZ) says its gold resource at its Koala Gold Mine in Queensland has increased by 135 per cent to 1.4Mt, averaging 2.6 g/t of gold containing an estimate of 118,700 ounces. The company says historical gold production has produced 243,000 ounces at an average grade of 12.7 g/t of gold.
Shares in GBM Resources are trading up 30.77 per cent at $0.017.
Best and worst performersThe best performing sector is Consumer Discretionaries, gaining 0.7 per cent to 2,056. Shares in Ardent Leisure have risen 3.23 per cent and trading at $2.00. Shares in Sky Network and Super Retail Group are also stronger.
The worst performing sector is Utilities, falling 0.5 per cent to 7,672. Shares in APA Group have fallen 1.15 per cent, trading at $9.43. Shares in AGL and Spark Infrastructure are also lower.
Gold and the dollarGold is trading at $US1,356 an ounce.
The Australian dollar is buying $US0.7514.
