This morning, the Australian share market opened flat. But after 15 minutes of trading, the local index fell into negative territory, and we’re now we’re tracking 0.25% lower at noon.
It looks like investors here, and in the US, are waiting to see what the US job market data is like. It will be released tonight, and will give some indication of whether the US Fed is likely to raise interest rates in December, as many are predicting they will.
The energy sector is the star performer again, while Real Estate Investment Trusts are the weakest sector. It’s also worth mentioning that gold miners aren’t doing too well today, with gold prices falling for the eighth straight day.
The S&P/ASX 200 index is 14 points lower at 5,469. On the futures market the SPI is down 17 points.
Economic newsConstruction activity picked up in September. The Performance of Construction Index lifted by 4.8 points to 51.4 last month. There was a rise in engineering construction due to increased infrastructure activity, particularly from road and rail projects in the eastern states. However, house building activity and commercial construction were weaker last month.
Company newsVisionstream, which is a service providers to the telcos industry, has been awarded a 4 year contract with Chorus New Zealand
(ASX:CNU). Visionstream will be delivering customer connection works to the ‘Ultra-Fast Broadband’ network in New Zealand. Chorus says this is a 4 year contract that’s expected to generate NZ$390 million in revenue. Shares in Chorus are trading down 3.02 per cent at $3.53.
Flinders Mines Ltd
(ASX:FMS) has announced a non-renounceable entitlement offer to raise around $5 million. It will offer 295 million new shares, priced at 1.7 cents each. The company's plan is to raise capital, repay a loan from PIO Mines Pty Ltd, and meet tenement expenditure commitments over the next year. Shares in Flinders are trading flat at 2 cents.
Best and worst performersThe best performing sector is Energy, gaining 0.53% per cent to 8,788. Shares in Whitehaven Coal have risen 4.69 per cent and are trading at $2.68. Shares in Woodside Petroleum and Oil Search are also stronger.
The worst performing sector is Real Estate Investment Trusts, falling 1.22 per cent to 1,377. Shares in Westfield have fallen 1.93 per cent, and are trading at $9.40. Shares in Iron Mountain and Mirvac are also lower.
Gold and the dollarGold is trading at $US1,256 an ounce.
The Australian dollar is buying $US0.7575.
