Following weak leads from Wall Street on the back of more spectulation of an interest rate hike by the Fed later this year, the Australian share market opened in the red and is now tracking flat at lunch. Today it is the healthcare space that is proving to be the biggest drag on the market, CSL’s latest results failing to satisfy investors after reporting its profits were down 10 per cent. We have however seen a rebound in the materials space with the big miners BHP and Rio Tinto gaining 3 and 2 per cent respectively.
The S&P/ASX 200 index is 3 points down at 5,529. On the futures market the SPI is flat.
Company newsPrimary Health Care Limited
(ASX:PRY) has reported an underlying net profit of $104 million for FY16. The company says the results are in line with its expectations in difficult market conditions. Underlying revenue of $1.65 billion was up 3.2 per cent on the previous year. The health care provider says it expects to see an improvement in FY17. Shares in Primary Health are trading up 2.2 per cent at $4.18.
Dexus Property Group
(ASX:DXS) has more than doubled its profit for FY16 from $618.7 million to $1.26 billion. The company says the dramatic jump has been driven primarily by revaluations. NTA per security of $7.53 was up 13 per cent or 85 cents on the previous corresponding period. Distributions per security were 20.46 cps for the period.Shares in Dexus Property Group are trading up 0.1 per cent at $9.54.
Best and worst performersThe best performing sector is Energy, gaining 1.5 per cent to 8,797. Shares in Whitehaven Coal have risen 3.57 per cent and trading at $2.03. Shares in Oil Search and Beach Energy are also stronger.
The worst performing sector is Healthcare, falling 1.7 per cent to 22,280. Shares in CSL have fallen 4.57 per cent, trading at $111.50. Shares in Cochlear and Mayne Pharma are also lower.
Gold and the dollarGold is trading at $US1,347 an ounce.
The Australian dollar is buying $US0.7683.
