As election fears and rates uncertainty continues to plague US markets, Australian investors are proceeding with caution this session. The local bourse opened in negative territory but the market has managed to claw back those losses and is now tracking flat or 0.09 per cent higher at noon. Healthcare stocks have made a rebound today after being heavily sold off yesterday, and gold stocks are continuing on their winning streak after the price of the precious metal jumped about 10 dollars overnight.
The S&P/ASX 200 index is 5 points up at 5,234. On the futures market the SPI is up 23 points.
Company newsFairxfax Media Limited
(ASX:FXJ) says FY17 revenues for its continuing businesses are around 6 to 7 per cent lower than at the same time last year. However, the company’s real estate website Domain is proving to be the star performer for the group, with the total digital business’ revenue growing 11 per cent. The newspaper giant says cost-saving measures are ongoing across the Fairfax Group. Shares in Fairfax are trading down 6.48 per cent at $0.76.
Migme Limited
(ASX:MIG) says its expanding its gaming strategy following a new partnership with Gamespark Interactive to rebrand and publish four new mobile and social casino games for the Migme platform. The digital media company says the new games will help it drive quality engagement as well as revenues. The company says the South-East Asia games market will reach US$2.2 billion by next year. Shares in Migme are trading down 8.82 per cent at $0.15.
Best and worst performersThe best performing sector is Healthcare, gaining 1 per cent to 19,518. Shares in Mayne Pharma have risen 7.59 per cent and trading at $1.70. Shares in Estia Health and Healthscope are also stronger.
The worst performing sector is Utilities, falling 1 per cent to 7,091. Shares in APA Group have fallen 1.44 per cent, trading at $7.87. Shares in Duet Group and AGL Energy are also lower.
Gold and the dollarGold is trading at $US1,298 an ounce.
The Australian dollar is buying $US0.7665
