The Australian share market gained in early trading however it has since slipped into negative territory. Shares in AMP dragged the market lower, dropping more than 8.8 percent on news out this morning that structural issues in the life insurance sector will impact its underlying profit. Currently, the ASX is tracking 0.13% lower at noon.
The S&P/ASX 200 index is 7 points down at 5,289. On the futures market the SPI is 9 points higher.
Economic NewsThe Housing Industry of Australia has reported New Home Sales rose 6.1 percent month on month in August. The ABS has reported Producer Prices in Australia increased 0.50 percent in September compared to the same month last year. The number came in below market estimates of a 0.8 percent rise.
Company news Anteo Diagnostics
(ASX:ADO) has announced it has entered into a long-term supply arrangement with Ellume. Ellume will integrate Anteo’s technology into their proprietary quantum dot diagnostic platform. The first product to be launched will be an influenza product, which will be released into the professional market in 2017. Shares in Anteo Diagnostics are trading up 11.54 per cent at $0.058
Eureka Group Holdings
(ASX:EGH) has announced it has acquired its 3rd acquisition for FY17. The company has acquired a 38-unit village in Mackay Queensland for $1.16 million. The acquisition is the second for the business in Mackay and is complements a broader portfolio of assets in Northern Queensland. Shares in Eureka Group Holdings is steady at $0.71
Best and worst performersThe best performing sector is materials, gaining 0.9 per cent to 9,062. Shares in Western Areas have risen 6.2 per cent and trading at $2.57. Shares in Regis Resources and South32 are also stronger.
The worst performing sector is REITS, falling 1.1 per cent to 1,296. Shares in Iron Mountain Group have fallen 2.22 per cent, trading at $43.13. Shares in Charter Hall Retail REIT and Goodman Group are also lower.
Gold and the dollarGold is trading at $US1,269 an ounce.
The Australian dollar is buying $US75.90
