The Australian share market has chosen not to follow Wall Street’s negative lead and has ping-ponged in and out of the red all session and is now tracking flat or 0.04 per cent higher at noon. We have seen a rebound in the financials space after CBA broke 3 year lows yesterday, but the materials space is offsetting these gains with losses in the big miners BHP and Rio Tinto.
The S&P/ASX 200 index is 2 points up at 5,210. On the futures market the SPI is up 15 points.
Economic newsConsumer confidence has edged slightly higher in September according to the monthly consumer confidence index from Westpac and the Melbourne Institute. The survey found that sentiment rose by 0.3 per cent in September compared to a 2 per cent increase in August.
Company newsMedibio Limited
(ASX:MEB) has established a partnership with the Monash Institute of Cognitive and Clinical Neurosciences to create innovative approaches to improve sleep and mental health outcomes in the general population. Medibio’s contribution to funding of the project for the first 12 months is covered by the contingency for unplanned costs already factored into the company’s budget. Shares in Medibio are trading down 2.5 per cent at $0.39.
Platinum Investment Management Limited
(ASX:PTM) has announced its intention to commence an on-market share buy-back for up to 10 per cent of its issued share capital over the next 12 months. The objective of the buy-back is capital management and no target price has been set. The board considers the buy back to be in the interest of all shareholders. Shares in Platinum Investment Management are trading up 11.89 per cent at $5.46.
Best and worst performersThe best performing sector is Telcos, gaining 0.8 per cent to 1,838. Shares in TPG Telecom have risen 2.47 per cent and trading at $11.83. Shares in Telstra are up and Vocus Communications are lower.
The worst performing sector is Materials, falling 1.19 per cent to 8,387. Shares in Evolution Mining have fallen 3.93 per cent, trading at $2.33. Shares in Saracen Minerals and Adelaide Brighton are also lower.
Gold and the dollarGold is trading at $US1,318 an ounce.
The Australian dollar is buying $US0.7468.
