Ahead of the Fed’s decision on interest rates tomorrow, the Australian share market looks to be proceeding with caution, pulling away from its highs at around 11am and is now tracking 0.2 per cent higher at lunch time. The energy space is the best performer so far this session after a small pop in the price of Brent Crude and LNG overnight. Consumer Discretionaries are the worst with losses in Myer down around 2 per cent.
The S&P/ASX 200 index is 10 points up at 5,314. On the futures market the SPI is 7 points higher.
NRW Holdings Limited (ASX:NWH) has announced it has successfully completed a share placement raising approximately $20 million. The placement was undertaken at $0.49 cents per share in accordance with the company’s 15 per cent placement capacity. The mining contractor says the placement has strengthened its balance sheet and will allow the company greater flexibility to pursue opportunities in the future. Shares in NRW Holdings are trading up 2.91 per cent at $0.53.
Lucapa Diamond Company Limited (ASX:LOM) has found an exceptional 104 carat diamond at its Lulo Diamond Project in Angola. The D-coloured diamond has been confirmed as a top tier stone and is the fourth diamond over 100 carats recovered from mining operations in 2016. Shares in Lucapa Diamond Company are trading up 4.35 per cent at $0.36.
Best and worst performers
The best performing sector is Energy, gaining 0.88 per cent to 7,853. Shares in Whitehaven Coal have risen 2.3 per cent and trading at $2.67. Shares in Caltex and Beach Energy are also stronger.
The worst performing sector is Consumer Discretionaries, falling 0.1 per cent to 2,197. Shares in Myer have fallen 2.37 per cent, trading at $1.24. Shares in Sky Network and Southern Cross Media are also lower.
Gold and the dollar
Gold is trading at $US1,315 an ounce.
The Australian dollar is buying $US0.7551.