Following weak leads from Wall Street the Australian share market plunged at the open and has continued lose momentum tracking 0.82% lower at noon. The big banks have slumped following yesterday’s interest rate cut, with Westpac leading the losses down around 2 per cent. However we have seen a bounce back in the materials space with the big miners offering some support; both Rio Tinto and BHP are currently trading in the black.
The S&P/ASX 200 index is 45 points lower at 5,495. On the futures market the SPI is down 53 points.
Company newsLucapa Diamond Company Limited
(ASX:LOM) has provided an update on diamond production operations and exploration activities at the Lulo diamond project in Angola. For the month of July the company recovered 59 special diamonds, exceeding the 53 special diamonds it recovered in the entire first half to June 2016. The average stone size for July was two carats per stone, up from 1.3 carats for the half year. Shares in Lucapa Diamond Company are trading up 6.94 per cent at $0.39.
CV Check Limited
(ASX:CV1) has been appointed as the exclusive provider of Children’s Workers Safety Checks for New Zealand Ministries of Health, Education and Social Development. The company’s system is also available to other organisations and individuals that must comply with New Zealand’s Vulnerable Children Act 2014. Shares in CV Check are trading up 3.03 per cent at $0.17.
Best and worst performersThe best performing sector is Materials, gaining 0.7 per cent to 8,682. Shares in St Barbara have risen 5.54 per cent and trading at $3.24. Shares in Saracen Minerals and Western Areas are also stronger.
The worst performing sector is REITs, falling 1.1 per cent to 1,522. Shares in Iron Mountain have fallen 2.17 per cent, trading at $53.66. Shares in SCA Property Group and BWP Trust are also lower.
Gold and the dollarGold is trading at $US1,364 an ounce.
The Australian dollar is buying $US0.7595.
