It has been a bit of a lack lustre start to the session for the Australian share market as US stocks edged lower on Friday. The local bourse dropped sharply around 11 am but managed to recoup some of those losses and is now tracking practically flat or 0.01 per cent higher at noon. The materials space is proving to be the biggest weight on the index with losses in the big miners as well as the gold stocks. We are also seeing the energy space retreat with Santos shedding more than 5 per cent.
The S&P/ASX 200 index is 1 point up at 5,527. On the futures market the SPI is up 3 points.
Company newsTPG Telecom Limited
(ASX:TPM) has responded to media speculation about the company, as written in The Australian and the Australian Financial Review newspapers today. The publications stated that TPM was on the brink of striking an $860 million deal with New Zealand’s third-largest mobile phone operator 2degrees. TPG Telecom has set the record straight, saying it is not in discussions with 2degrees.Shares in TPG Telecom are trading down 0.16 per cent at $12.44.
Seek Limited
(ASX:SEK) says it has beaten its profit guidance and has reported a net profit $357.1 million for FY16 versus $281.2 million last year. For Australia and New Zealand revenue and EBITDA was up 15 per cent. The total FY16 dividend is 40 cents per share. Shares in Seek are trading down 2.48 per cent at $16.12.
Best and worst performersThe best performing sector is Industrials, gaining 0.6 per cent to 5,501. Shares in GWA Group have risen 22.03 per cent and trading at $2.77. Shares in ALS and Cleanaway are also stronger.
The worst performing sector is Materials, falling 0.5 per cent to 8,970. Shares in Evolution Mining have fallen 3.49 per cent, trading at $2.49. Shares in Independence Group and Syrah Resources are also lower.
Gold and the dollarGold is trading at $US1,355 an ounce.
The Australian dollar is buying $US0.7592.
